Stock Watch

Nov 22 2007 by Graeme King, The Journal

THE FTSE 100 retreated heavily from the previous day’s gains to close down 155.6 points at 6070.9.

Prolonged uncertainty in the financial stocks sent the financial sector downwards sounding the bell for a second round of tightening in the inter-bank market.

Northern Rock again led the losers falling 12.2p to 84.9p.

Abbey National became the latest financial company to cancel a bond offering amid fresh jitters from investors. Selling bank debt to investors is an increasingly lonely pastime it would seem, in a market with little appetite during these opaque conditions. Paragon capsized 36% to close 35p down at 81.75p amid funding fears for the mortgage specialist.

The biggest losers were unusually spread across a wide range of sectors. Daily Mail and General sank 51.5p to 525p; Persimmon deteriorated 47p to 751.5p, and retailer Next deflated 103p to 1749p.

The sparse gainers included Gas giant BG group, ahead 24.5 to 997p; Royal Dutch Shell B up 35p to 2004p; whilst Imperial Tobacco moved on 5p to 2485p.

Michelle Stansby Associate Director Barclays Wealth