Footsie held at three year low

The FTSE 100 hit its lowest figure for three years today. In midday trading the index was 40.9 points lower at 5279.3 - its lowest figure since 26 October 1998 when the market was at 5231.5. However then the market was in recovery from its 5 October low of 4648.7. The downward trend started in the New Year but has escalated in the last month or so. On 8 June the market stood at 5950 and by the close of trade yesterday had lost 630 points. In that six-week period there have been significant losses for some of the market's biggest stocks, both old and new economy, including Abbey Na...