HSBC Holdings dragged the FTSE 100 down within the first hour of trading this morning after announci...
HSBC Holdings dragged the FTSE 100 down within the first hour of trading this morning after announcing plans to buy Household International, the largest US sub-prime mortgage lender, for $14.2bn.
The FTSE 100 fell 40.70 points or 1% to 3988.50 after HSBC dropped 32p or 4.5% to 675p. However it is some of the smaller names which have seen some of the biggest percentage moves today.
Akers BioSciences, the medical test maker, plummeted another 20.5p or 43% to 27.5p, having already lost two-thirds of their value since its May initial share sale. Executives say they won't meet market earnings expectations this year because of African payment delays.
Capital Radio dropped 80p or 14.2%to 485 after revealing its fiscal full-year profit fell 63% because of the spending cut felt across the entire advertising sector.
Invensys also plunged 21p or 33.9% to 41p as it expects fiscal second-half sales to be no better than the first half, when its loss widened as the economic slowdown cut revenue.
Marconi has, however, risen 0.09 points or 3.8% to 2.44p as its chief financial officer Steve Hare will leave on January 31 after the reorganization of the business is completed.
Activity in Asian stocks has been somewhat mixed and the Nikkei closed at a 19-year low after suggestions that the government may nationalise certain lenders.
Mizuho and UFJ Holdings both plunged by their daily limits and the Nikkei 225 fell 1.6% to 8303.39, the first time it slid below the Dow Jones Industrial Average since February.
Elsewhere, Hong Kong stocks, managed to rally after the city said it will stop selling land and public housing to bolster home prices that dropped two-thirds from their 1997 peak.
Asian airlines including Singapore Airlines and Korean Air rose while indices in Taiwan, South Korea, New Zealand, Australia and China. Benchmark indices in Singapore, Thailand, Indonesia and India rose.
Partner Insight: For Blackfinch, the arrival of its IHT portfolio services was a 'natural evolution' in the group's offering and points to an established track record of returning cash to investors.
Senior Managers Regime
Interest rate outlook unchaged
FCA made demands last week