FTSE ends week lower after positive start
November 23, 2009 - 0:0
LONDON (AFP) -- London's FTSE 100 index closed lower on Friday, ending a week which started with the index of leading shares striking a 2009 high. The FTSE shed 0.31 percent to close at 5,251.41 points.
The week had started positively, with the index hitting 5,363.39 points -- a level last seen in September 2008.However, concerns about the strength of the economy's ability to pull free of recession saw the index pull back from its initial rally to close lower for four consecutive sessions.
In Friday's session, the most traded stock was Vodafone, which saw 140 million units change hands, followed by Royal Bank of Scotland, which 130 million shares switch owners.
Tour operators Thomas Cook and TUI Travel were the biggest casualties of the day, dragged down by negative broker comment about the state of the travel market. Thomas Cook slid 4.26 percent -- or 9.3 pence -- to close at 209.2, while TUI lost 10.2 pence -- or 4.0 percent -- to end at 245.
On the upside, Cable & Wireless topped the leaderboard, adding 1.84 percent -- or 2.5 pence -- to end at 138.1 following positive analyst comment on the group's ability to weather the downturn. Specialty chemicals manufacturer Johson Matthey also rose, increasing 1.74 percent -- or 27 pence -- to finish at 1576.
Meanwhile, sterling fell sharply against the dollar and also slipped against the euro.
The pound was worth 1.6680 dollars at 1738 GMT, while it stood at 1.1189 against the euro.