G4S share prices continue to slide
Filed under: News
Having lost more than £400 million in value between Wednesday and Monday night, the stock fell another 4% or 9.7p to 244.8p on the day chief executive Nick Buckles attended Parliament to explain his company's failings.
Investors opted to remain on the sidelines until a Congress hearing when the testimony of US Federal Reserve chairman Ben Bernanke will be screened for clues that monetary policy may be loosened to stimulate the sluggish US recovery.
The latest fall for the top flight came despite a positive session in Asia as traders reacted to the IMF's upgrade of Japan's economic outlook and hopes that China will take more stimulus measures.
The Libor-rigging scandal continued to dog Barclays as Bank of England governor Sir Mervyn King said the bank and its directors had failed to take on board the seriousness of regulatory concerns about how the bank was run.
He said there were "genuine and deep" concerns among regulators over governance and a loss of confidence in the bank's bosses, most notably former chief executive Bob Diamond.
Despite this, Barclays was the biggest riser in the FTSE 100 Index with shares recovering some of their recent weakness to climb 2.65p to 160.35p. In a better session for the sector, Lloyds Banking Group was up 0.1p at 30p.
Building supplies firm Wolseley was one of the biggest fallers in the top flight after it said it was exploring strategic options for the future of its business in France. With this likely to mean a big one-off accounting charge, shares fell 79p to 2249p, a drop of 3%.
National Grid also fell for a second straight session amid fears that Ofgem's proposal for £22 billion of investment in the UK's electricity and gas networks fell short of the company's needs. Shares dipped another 3%, off 21.25p to 661.25p.