31/01/14 Market Movements
The FTSE 100 fell to a 6 week low today as major beverage stocks continued to suffer from emerging market turmoil and disappointing results. The FTSE 100 closed down 28.01 points at 6,510.44.
Diageo shares fell a further 1.94% as investment house Goldman Sachs removed Diageo from its Conviction List and downgraded its rating on the stock to “neutral” as weak sales projections for the first half of 2014 is expected to extend into the second half of 2014.
SABMiller and Coca Cola Hellenic share prices also dropped due to substantial exposure to emerging markets. SAB Miller was also hit with analyst downgrades.
CAT stock is currently up 1.20% at $94.36.
BT climbed 3.35% after the phone company announced a return to growth for the first time in four and a half years, boosted by strong performance in emerging markets and increased broadband demand. The stock has risen almost 50% over the last 12 months. Despite the rise, the closing price of 383.1p is still 6.6% below its TSP of 410p.