LONDON: Share prices closed down on the London stock exchange amid concerns over rising oil prices. There was also a sell-off of stock in merchant companies deemed vulnerable to a downturn.
Travis Perkins fell 29p to 1009, Wolseley lost 41p at 2150.4, and Howden Joinery lost 5.8p at 1122.3.
Meanwhile, small businesses are taking a gloomier view of the UK economy. The British Chambers of Commerce forecasts the UK economy will grow by less than expected in 2011.
The BCC, which represents hundreds of small businesses, downgraded its forecast for UK GDP growth in 2011 to 1.4% from a December forecast of 1.9% but raised its prediction for 2012 growth to 2.3% from 2.1% in December.
The BCC said the downward revision was due to an unexpected fall in fourth quarter GDP. It also increased its unemployment forecast for early 2012 to 2.65 million, up from 2.6 million.
