Ftse 100 price falls led by pub group

By MoneyhighStreet Staff. Published on September 3, 2008 This post currently has no comments.

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Widespread falls across the ftse 100 were led by pub group Enterprise Inns, which fell by 27 points to close at 280.250 pence.

Other loses included mining firm Ferrexpo plc, which fell by 14.84 per cent to 211.250 when trading finished.

Both of these firms epitomise a weakening across their respective industries, with declining drinks sales hitting Enterprise Inns and weaker metal prices causing widespread falls across mining companies.

Some of the day''s biggest losers included Rio Tinto, which fell by 225 points to close with a share price of 4605 pence, while Xstrata also fell by 93 points to 2711 pence.

Enterprise Inns poor day on the ftse 100 capped a weak day of trading for rivals Punch Taverns and Mitchells & Butlers.

Colin McLean, managing director at SVM Asset Management told Reuters that pub spending has been dented by the credit crunch.

He added that Enterprise Inns'' share price has also suffered as a result of "structural changes to the UK consumer" that has seen an overall change in pub use.