Market slips below 4,000 mark with a loss of £19bn

THE London market suffered another slide yesterday and closed back below the 4,000 mark as shares were hit by falling confidence on both sides of the Atlantic.

By the close of trading, the Footsie was down 79.1 points at 3996.4, a near 2% decline and meaning £19 billion was wiped from the index's value.

Data on the UK economy also hurt sentiment. Figures from Britain's manufacturing sector showed a shocking fall in output in June the largest slump for 23 years. However, despite the poor data, the Footsie managed to recover some composure during the afternoon as bargain hunters moved in to snap up shares.