Friday’s stock market closed with the leading share index FTSE 100 down by 53.76 points or 1.05 per cent at 5.046.47 points. It declined for four days in a row and shares in Connaught, the biggest loser, plunged by 29.11 percent. McBride declined by 18.45 per cent. BP and its peers saw declines as well. BP shares went down by 6.4 per cent which was the biggest loser among the energy firms.

BP continues to be hard hit due to worries about the total financial impact of the clean up of its still ongoing oil spill. Worries about harmful weather conditions approaching the clean up area only heightened concerns. Should a tropical storm that is brewing off the coast send a direct hit to the same area of the clean up it would mean that there would be no containment of the oil that is spewing into the water. In addition, if the storm moves westward it could push the clean up area into a larger area that has not been affected. With BP taking a hit to a 14 year low, its credit weakened sharply as talk ensued about the oil giant needing extra cash to further fund the clean up so the talk of the storm only added to investor’s concerns.

While the stocks ended lower in London, elsewhere in Europe the shares were pressured and US stocks were mixed in the uncertainty of the US economy expanding more slowly than previously estimated. The US economy grew at a 2.7 per cent pace the first quarter, the Department of Commerce reported on Friday. They stated the annualized rate came in lower than government forecasters had expected.

Analysts continued to report that the demand outlook was clouded by heavy cuts in government spending in the UK and in other areas of Europe. The cuts and fiscal tightening has just been talk so far since the effects of the 25 per cent cuts have really not been felt yet. Investors are wary and it is not known what really will happen as the economy begins to tighten

The FTSE 100 lost 3.2 percent on the week, and was down 11.1 percent this quarter after gaining for each of the four previous quarters.

Investors will be watching the G20 Summit this weekend in Toronto, Canada. The economic powers will be discussing the global economic crisis. The Group of 20 leading countries will discuss how financial regulation can be toughened up after the sector's worst crisis since the 1930s.