London close: Footsie finishes down 3.28% on the week

18th Nov 2011 16:23

In quite a volatile trading session, the Footsie finished over 1% lower on Friday. For the week, the top share index closed down 3.28% on last Friday's close of 5,545, after a steady five-day fall on the back of a lack of progress in Eurozone.UK-GERMAN MEETING, DRAGHI EXPRESSES CONCERNS Britain's Prime Minister David Cameron met with German Chancellor Angela Merkel today, but did not resolve their differences. "The Chancellor and I would agree that whatever you call this we need to take decisive action to help stabilise the Eurozone," Cameron said. "It's obvious we don't agree on every aspect of European policy, but I'm clear that we can address, accommodate and deal with these differences."Meanwhile, the new president of the European Central Bank (ECB), Mario Draghi, has showed his frustration at the lack of action taken by Eurozone leaders to implement policies that were decided on over a year and half ago and were meant to stem the current financial crisis. In his introductory remarks at the 21st Frankfurt European Banking Congress, he outlines the weakening outlook for the region and insists that Eurozone governments have the responsibility of creating a "much more robust economic governance of the union going forward". These comments are hitting the newswires just as the ECB faces increasing pressure to intervene in the sovereign debt markets and as several Eurozone countries are seeing their bond yields climb to record highs, with markets cringing in fear at the prospect that another bailout might be necessary for the likes of Italy or Spain.In other news, Prime Minister Mario Monti won a key confidence vote today by 556 to 61. The new government already passed yesterday's confidence vote in the Senate by a margin of 281 votes to one. CAPITA, ARM PROVIDE A DRAGCapita sank to the bottom of the pile after saying it expects to see organic revenue growth decline 7% in 2011. Following the statement, Investec slashed its target price to 630p from 725p and maintained its hold rating. ARM Holdings was next in line after the firm's president yesterday gave a cautious outlook for 2012. The microchip designer expects research and development (R&D) spending growth to slow next year, Tudor Brown told Dow Jones Newswire reporters in a technology forum in Taipei. The miners were also out of favour on the back of worries about the global economy. Fresnillo, BHP Billiton, Antofagasta, Anglo American and Xstrata were among the worst performers of the day so far. Sector peer Rio Tinto also fell after increasing its offer for uranium developer Hathor Exploration.Meanwhile, International Consolidated Airlines was on the up, rising in sympathy with US peer American airlines, which was higher after a week of losses on Wall Street. Military decoy flare and mine detection firm Chemring dropped on the FTSE 250 after it said unexpected delays in customer orders means full-year revenues will be around 5% below the board's expectations, while operating profit will be shy of market projections. In contrast, struggling foods manufacturer Premier Foods jumped over 15%. The firm announced today that Ian Deste, group sales director, had upped his stake, perhaps providing a boost to investor confidence. BCFTSE 100 - RisersCarnival (CCL) 2,086.00p +1.66%International Consolidated Airlines Group SA (IAG) 143.00p +1.06%ITV (ITV) 64.15p +1.02%ICAP (IAP) 344.50p +0.97%RSA Insurance Group (RSA) 107.90p +0.84%Petrofac Ltd. (PFC) 1,392.00p +0.80%BT Group (BT.A) 186.10p +0.65%British Sky Broadcasting Group (BSY) 725.00p +0.55%Royal Bank of Scotland Group (RBS) 20.57p +0.34%Schroders (SDR) 1,302.00p +0.31%FTSE 100 - FallersCapita Group (CPI) 640.00p -4.12%Inmarsat (ISAT) 419.50p -3.96%ARM Holdings (ARM) 598.00p -3.94%Weir Group (WEIR) 1,783.00p -3.67%Glencore International (GLEN) 398.70p -3.44%Standard Life (SL.) 193.60p -3.10%Fresnillo (FRES) 1,711.00p -2.73%Rolls-Royce Group (RR.) 686.50p -2.62%Antofagasta (ANTO) 1,076.00p -2.45%BAE Systems (BA.) 268.60p -2.40%FTSE 250 - RisersPremier Foods (PFD) 5.20p +15.32%Ocado Group (OCDO) 87.90p +8.52%Talvivaara Mining Company (TALV) 206.40p +5.74%Mothercare (MTC) 133.00p +4.48%New World Resources A Shares (NWR) 445.10p +4.29%Allied Gold Mining (ALD) 173.50p +3.89%Pace (PIC) 46.70p +2.52%Perform Group (PER) 210.00p +2.44%Amlin (AML) 314.20p +2.18%Bwin.party Digital Entertainment (BPTY) 136.80p +2.09%FTSE 250 - FallersChemring Group (CHG) 421.60p -12.89%Supergroup (SGP) 526.50p -10.91%AZ Electronic Materials SA (WI) (AZEM) 230.80p -5.41%SDL (SDL) 615.00p -4.58%Carpetright (CPR) 426.60p -4.56%Rightmove (RMV) 1,225.00p -4.30%Northgate (NTG) 228.80p -3.99%Elementis (ELM) 135.10p -3.84%Brewin Dolphin Holdings (BRW) 122.20p -3.78%Centamin Egypt Ltd. (CEY) 99.00p -3.41%FTSE TechMARK - RisersAsterand (ATD) 2.50p +11.11%Antisoma (ASM) 1.91p +5.25%Vectura Group (VEC) 60.50p +3.42%Puricore (PURI) 24.75p +3.12%Optos (OPTS) 227.75p +3.05%Phytopharm (PYM) 6.53p +1.95%Torotrak (TRK) 33.25p +1.53%Filtronic (FTC) 19.38p +1.31%Corin Group (CRG) 39.50p +1.28%Phoenix IT Group (PNX) 190.62p +1.26%FTSE TechMARK - FallersAEA Technology Group (AAT) 0.18p -46.27%Innovation Group (TIG) 17.88p -3.38%Kewill (KWL) 79.00p -3.07%Ricardo (RCDO) 372.00p -2.23%Vernalis (VER) 25.50p -1.92%CML Microsystems (CML) 225.00p -1.53%Alterian (ALN) 101.00p -1.46%Emblaze Ltd. (BLZ) 53.62p -1.38%E2V Technologies (E2V) 108.25p -1.14%Consort Medical (CSRT) 502.00p -0.99%