FTSE Down to New Low

March 2, 2009

FTSE this morning hit  a new low of 3694.16 which is its lowest level since April 2003. This has been partly triggered by HSBC’s decision to raise £12.5bn from shareholders through a rights issue at a price almost 50% lower than its closing share price last week of 491.25p.

The FTSE 100 index peaked at 6,930.2 at the beginning of 2000 and even as recently as November 2007 was at 6721 points but with the rapid deterioration of the economy it’s value has tumbled. It is yet another sign of the mess the economy is and a damning indictment of Gordon Brown’s handling of the UK economy in the last 12 years.