Shares extended losses in a very volatile day on the markets


The FTSE100 was down another 55 points at 5,602.4 with the FTSE250 down 210.6 points at 8,982 and the FTSE Smallcaps down 64.8 points at 3,354.2.

Volume was very strong, with 2.3 billion shares changing hands in 352,131 deals.


Wall Street shares opened under pressure as energy and metals shares came under pressure on the back of a fresh falls in commodity prices.
Crude-oil futures fell to their lowest levels in seven weeks, down 69 cents at $67.84 a barrel. Things do not look set to improve within the first thirty minutes of trading in America, the DJIA was down 27 points at 1,116.50.


Miners once again led the fallers, as the commodity sell-off continued, with copper, silver and gold prices all suffering a horrible session.


Today’s look at individual Stocks:


Antofagasta was down 114p at 1,925p, Xstrata was down 113p to 1,819p, Kazakhmys lost 33p at 1,014p and Anglo American was down 68p to 1,970p.

Corus was the top faller, down a massive 25.5p to 354.25p.


Oil companies were also down today with BP down 6p at 617p, BG Group 5p down at 660p, Shell down 8p at 1,787p and Cairn Energy down 93p at 2,024p.


Concerns over a weaker dollar continued to affect the big US earners, with PartyGaming down 7.5p to 133.75p, Reuters down 10p at 374p. The Footsieblog rates Reuters a Sell.


Banking stocks offered some help to the flagging market, helped along by M&A hopes after French peer Credit Agricole confirmed it was considering a possible takeover offer for UK mortgage lender Alliance & Leicester. Responding to a weekend press report that it is poised to make an offer for Alliance & Leicester, Credit Agricole said it has not put forward any proposal to the UK bank and stressed that its assessment is at an early stage.
Alliance & Leicester was up 56p at 1,171. Royal Bank of Scotland was also up 18p to 1,711. HBOS climbed 12p higher at 910p and Lloyds TSB was up 1p at 501p.


Scottish Power gained 8p at 538p, United Utilities climbed 8p at 653p and Scottish & Southern gained 5p at 1,094p.


Marks and Spencer was also higher, adding 4p to 579p ahead of its annual results scheduled for release tomorrow, which are again expected to impress everyone following on from the outstanding numbers revealed in its fourth-quarter numbers.

Analysts expect M&S to report a 27% increase in underlying profit before tax.


The London Stock Exchange fell 36p at 1,209 on news the NYSE Group, seen as a potential bidder for the LSE, has chosen to make an offer for Euronext NV instead.


The Portfolio:


Once again another very bad day on the markets which has affected the portfolio (what is left of it) very badly indeed.


Wolfson (WLF) is down a massive 7.77% at 400.50. The Footsieblog believes the figure of 400p to be the floor and for the stock to reverse it’s current trend. However, if the stock continues to fall tomorrow morning The Footsieblog will sell all the stock.

The only other stock in the portfolio Vislink (VLK) was sold again this morning at a loss.


The Footsieblog now advises all small holders to close ALL positions and wait until things settle down.