FTSE 100 Competition Results wk 6
A dramatic week on the markets leaves only three entrants in positive funds!
Monday FTSE 100 opened on 7,748.35
Friday FTSE closed on 7335.40
Well the previous week was maybe weak and muted but the one just ended was a dramatic one for the markets with a number of interventions from global banks failing to calm the nerves of jittery investors.
More than £50 billion was wiped off the UK’s stock market on Monday after the second and third biggest bank failures in US history spooked investors across the globe. About £51.5 billion was wiped off the value of the index over the course of the day.
As reported last week the collapse of tech-focused Silicon Valley Bank sparked fears across Wall Street that the banking system was being crippled by a relentless cycle of interest rate rises.
Shockwaves were sent across the UK and Europe despite HSBC swooping in to buy the bank’s UK arm and reassuring firms that banking services would continue as normal.
As if Monday’s decline wasn’t bad enough, on Wednesday the FTSE had its worst single day of trading in three years – since the early days of the Covid-19 pandemic. Bigger declines than seen in the aftermath of September’s mini-Budget, which had been described as the “worst day ever seen in the markets”, according to one analyst.
Despite a group of US banking giants injecting $30 billion (£25bn) into First Republic Bank, worries about the stability of the wider banking sector prevailed and investors continued their sell-off of shares in First Republic as well as the troubled Swiss bank Credit Suisse.
Big banks sunk to the bottom of the index and amid concern over the global banking sector, insurance giant Prudential plunged by more than 21%. Banking group Barclays declined by more than 12% and Standard Chartered trumped that losing 16.7% this week. Shares in British banks Lloyds and HSBC were also down.
Energy firms Shell and BP also saw losses of nearly 8% on the day that Chancellor Jeremy Hunt promised to extend the energy price guarantee for a further three months. Their week cost them 14+% declines.
At the end of the week BT Group and Ocado Group, dropped but their week with -7.6% and -8.4% was not as bad as many.
Best performers this week were:-
Endeavour Mining +6.3%
Rentokil +5.1%
ConvaTec +5.1%
Auto Trader Group +1.9%
Compass Group +1.9%
Admiral Group +1.7%
Poorest performers this week were:-
Prudential plc -21.9%
M&G plc -20.7%
Standard Chartered -16.7%
Shell plc -14.9%
BP plc -14.4%
Ashtead -13.7%
Barclays -12.8%
So what did all the above do for our FTSE competition?
Maureen W made the biggest move, up 10 places closely followed by George P and Not a Scooby both up nine. Ninth placed Crispy Crumble slid 15 places with Dalgety47 losing 14.
With values plunging, now only three of our entrants are in positive funds. On the leaderboard the top four remain the same but Zona Paton is back in the lead but Maureen W has jumped into fifth.
Similarly the bottom four remain the same with Jennifer Grieve putting in a good fight for the consolation bottle of malt whisky with a loss so far of £8688.
