October 29, 2005
That Falling FTSE.
The Telegraph gives us the news about the fall in FTSE over the past month:
The stock market has suffered a Red October, as the worst month of trading since before the Iraq war saw the value of the FTSE 100 index tumble by more than £70billion.
Only nine out of the country's 100 biggest public firms have managed to weather the storm and see their share price improve. The last time the market had such a poor October was in 1997, when Labour had just come to power.
and also reminds us of the 76 th anniversary of the Great Crash:
Seventy-six years ago today, Wall Street slumped 12pc on record volumes as small investors joined in the selling frenzy - more than 16m shares changed hands and it ended a two-day run in which the market slumped 23pc.
Not quite sure whether they’re trying to reassure us ("See, not as bad as it could be!") or scare us ("See, look what might happen next!") but I do take issue with this:
Waves of selling continued until 1932 when the decline ended, 89pc below its starting point, making it the greatest stock market collapse in history.
Well, up to a point Lord Copper, up to a point. As one wag was reported saying in the Financial Times in October 1987:
"Don’t forget, in 1917 the St. Petersburg Index fell to 0".
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