FTSE Nearing 10-Week Low

THURSDAY MARKET UPDATE: FTSE continues declining amid worries over the US, Europe and the Middle East, while BP reaches a £2.8 billion settlement

Alanna Petroff 15 November, 2012 | 5:45PM
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UK markets continued their downward trajectory on Thursday, with the FTSE 100 nearing a ten-week low. The benchmark index is now closed at 5,678, after falling by 0.8%. The FTSE 250 index also declined by 0.3% to close the trading day at 11,684.

The major laggard on the FTSE 100 on Thursday was Pennon (PNN). The UK water and sewage company saw its shares tank by 6% in the middle of the day after it released an afternoon trading update reporting troubles at its Viridor business division

Oil giant BP (BP.) was featured prominently in the headlines after it reached a settlement with the US Department of Justice over its Deepwater Horizon oil spill in the Gulf of Mexico. The company issued a statement saying the total settlement for the spill will cost £2.8 billion ($4.5 billion). It is also pleading guilty to 14 criminal charges. Of those 14, there were 11 felony counts for misconduct and neglect related to the death of 11 of its workers on the now-infamous oil rig.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
BP PLC313.65 GBX1.70Rating
Pennon Group PLC1,045.50 GBX1.21

About Author

Alanna Petroff

Alanna Petroff  is a financial journalist with Morningstar UK.

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