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EDITIONS
Monday, 10 September, 2001, 20:46 GMT 21:46 UK
FTSE hits three-year lows
FTSE 100 index since 1998
The FTSE 100 index of leading UK shares climbed back above the psychologically important 5,000 level on Monday, with just half an hour of trading to go.

The index closed at levels last seen in October 1998, in the aftermath of the Asian financial crisis, having spent much of the afternoon hovering above the 4,900 mark.

By early afternoon, about 40bn had been wiped off the value of Britain's biggest companies.

But opening rises on Wall Street lent support to London stocks, taking the FTSE 100 back up to close at 5,033, down just 36.6 points on the day.

Wall Street direction

London often takes direction from the US markets.

But there was great uncertainty on Wall Street on Monday, with the Dow Jones Industrial Average swinging wildly between both losses and gains before closing the day flat.


There is nothing in terms of good corporate news for investors to cling on to

Alex Scott, Barclays Stockbrokers
But the indication of some upside from the US, helped the FTSE 100 index to finish with an upward spurt even though it still ended lower than the previous close.

The index has lost 19% so far this year.

The sharp falls on world markets seen in the past few days have been prompted by worse than expected US unemployment data.

A series of gloomy economic indicators and poor company results have also dragged down share prices as the global slowdown spreads.

Asian and other European markets were also lower in Monday trading.

Across the board

Scottish Power led the fallers in London, losing 11% of its value after it warned of $300m (205m) excess costs at its US Pacificorp unit.

Biggest fallers
Scottish Power
-11.15%
Amvescap -8.43%
Invensys -7.56%
International Power -6.76%
Sage Group -6.44%
Schroders -5.55%

 WATCH/LISTEN
 ON THIS STORY
The BBC's Jenny Scott
"The FTSE index ended at its lowest for three years"
The BBC's John Moylan
"Extraordinary turnaround on the day"
The BBC's Andrew Walker
looks at the global fall of share prices
View market data
Launch marketwatch
The Markets: 9:29 UK
FTSE 100 5760.40 -151.7
Dow Jones 11380.99 -119.7
Nasdaq 2243.78 -28.9
FTSE delayed by 15 mins, Dow and Nasdaq by 20 mins

Analysis

Economic slowdown

Background

TALKING POINT
See also:

10 Sep 01 | Business
07 Sep 01 | Business
10 Sep 01 | Business
30 Oct 99 | Business
10 Sep 01 | Business
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