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Market Update :

UK Producer Price Rises, Stocks Down

Author: 123jump.com Staff
123jump.com
Last Update: 4:15 PM EDT April 14 2008

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The ONS reported that the output price index for domestic sales of manufactured products rose 6.2% in the year to March, compared with the rise of 5.9% in the year to February. The rising prices at producer level dragged stocks sharply lower. FTSE 100 index stocks fell 1.08% or 63.9 to 5,831.60. Whitbread led advancers in the FTSE 100 index shares with a rise of 2.4% followed by increases in SABMiller of 1.7% and in HBOS of 1.2%. Friends Provident and Carphone Warehouse led decliners.

Commodity stocks fell as well after the OPEC said on Saturday that oil markets were “fundamentally well supplied”. Also the International Energy Agency corroborated OPEC’s view and cut forecasts for oil demand in 2008 by 310,000 barrels a day.

Oil prices also fell below $110 a barrel.

In the precious metals trading, gold fell 0.3% to $921.40 an ounce, and silver slipped 1.1% to $17.53 an ounce.

Xstrata fell 3.24%, Anglo America Plc slumped 3.07% and BHP and Antofagasta declined 2.7%.

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