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Epic & Msn data

Epic	ASX
Time:	16:46:02
Mid Price:	2288.04
Change Today:
Change % Today:
Fifty Two Week High:
Fifty Two Week Low:
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Period & price data

Period	Price
Now:	2288.04
3 Months ago:
6 Months ago:
1 Year ago:

Additional information

Additional	Information
Market:	All Share Index
Sector:	General Mining
Epic:	ASX
News:	Latest news
Web Site:	UK Market Wrap
Other Articles:	24-10-200822-10-200820-10-2008

Shares plunge as Global Recession fears increase

by Proactiveinvestors

Markets around the globe plunged further into the red today, after fears about a substantial recession across the world increased yet again.  

The mood in the UK wasn't bolstered by a preliminary report from the office for National Statistics showing that UK gross domestic product (GDP) slumped 0.5% in the third quarter compared with the second quarter. The statistics showed a particular weakening in the services sector.

Sterling plunged on the news, and expectations for further sharp interest rate cuts both in the UK and European Union increased, as did expectations that the US Federal Reserve would take more action.

The FTSE 100 fell as much as 8%, and by 3pm was still down around 7% at 3800.  The FTSE All-Share Index was also off 7%.  Sentiment in New York was slightly better, with the Nasdaq, S&P 500 and Dow Jones Industrial Average all off 3-4%, after initially falling much further.

There were barely any stocks in the blue on the FTSE 350 at 4pm...

The least worst performing stocks included Bunzl (LSE: BNZL) off 2.5%, Sainsbury's (LSE: SBRY) down 2%, WPP Group (LSE: WPP) fell 0.7% and Cadbury (LSE: CBRY) off 3%.

Some of the biggest fallers on the day were companies with heavy exposure to the UK consumer, including BskyB (LSE: BSY) which plunged 11%, Hammerson (LSE: HMSO) slumped 7%, Royal Bank of Scotland (LSE: RBS) tanked almost 10%, while Whitbread (LSE: WTB) and Thomas Cook (LSE: TCG) fell around 8%.

The financial sector as a whole put in another dismal performance but HSBC (LSE: HSBA) and Standard Chartered (LSE: STAN) were hit hardest, with both down 16-17% as investors started to worry about their exposure to Asia.

For natural resources, it was more of the same.  Metals and oil sunk further, and in turn the savage sell off of commodity related businesses continued.

BP (LSE: BP) fell 8%, Shell (LSE: RBSB) sank 7% and Cairn Energy (LSE: CNE) plunged 11%. Oil services companies took a hit too, as concerns over the possibility of substantial cancellations from their forward order book continues to weigh.  John Wood Group (LSE: WG.) fell 7.5% and Petrofac (LSE: PFC) fell 5.5%.

Some miners performed better than others. BHP Billiton (LSE: BLT) actually rose 2.5% to 833 pence, but the other diversified miners were dragged lower. Xstrata (LSE: XTA) was slammed, falling 11%, Anglo American (LSE: AAL) fell around 2%, but Rio Tinto (LSE: RIO) was level, tracking BHP's better performance.

Copper focused miners took it on the chin again today.  First Quantum Mining (LSE: FQM), Vedanta (LSE: VED), Antofagasta (LSE: ANTO) were all off 4-8%.

 
The world's largest silver producer, Fresnillo (LSE: FRES), continued its abysmal run, falling 4%, as did Peter Hambro Mining (LSE: POG), which plunged 17%. Lonmin, the world's third largest platinum producer fell 2%.

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