Reuters: Hot Stocks: Britain's FTSE tumbles as Italy vote sours sentiment

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Britain's FTSE tumbles as Italy vote sours sentiment Feb 26th 2013, 08:07 LONDON | Tue Feb 26, 2013 3:07am EST LONDON Feb 26 (Reuters) - Britain's top share index fell sharply early on Tuesday after Italy voted for a hung parliament, potentially destabilising Europe's recovery. Italy faced a political vacuum after a huge protest vote left no party or likely coalition with enough seats to form a majority in the upper house - the opposite of the stable result markets were hoping for and Italy desperately needed to tackle its economic and debt problems. By 0804 GMT, London's blue chip index was down 90.94 points, or 1.4 percent, at 6,264.43. The euro zone is Britain's biggest trade partner. "Equity investors have been totally sideswiped by yesterday's Italian election exit polls, which gave no hint of the indecisive outcome, which now raises the prospect of an extended period of uncertainty," says Peel Hunt strategist Ian Williams. "A more defensive approach seems more likely in the coming days. The recent moves in UK sector and style trends were already hinting at such a shift," he said. (Written by David Brett; Editing by Francesco Canepa)

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