This morning's confident FTSE trading was soon wiped out when the Bank of England's Monetary Policy ...
This morning's confident FTSE trading was soon wiped out when the Bank of England's Monetary Policy Committee voted to maintain the bank base rate at its current level of 4%.
Man Group, Prudential and Aviva all lost ground again after Royal & SunAlliance's strong start this morning, as the FTSE dropped 25.70 points or 0.6% to 4078.
Man Group fell 76p or 7.4% to 950p after announcing it would sell £375m worth of convertible bonds, possibly to service some of the £500m+ debts it carries in bank loans.
Aviva then dropped 20p or 3.8% to 510p and Prudential fell 24p or 4.9% to 463p after Aegon NV, parent group behind Aegon UK, that its third quarter profits fell 28% because it had used the money to bolster reserves.
BT was one of the few strong traders and advanced 12p or 6.4% to 200.25p after announcing a fiscal second-quarter profit of £315m, up from a loss of £1.48bn last year.
The knock that Asian markets felt earlier today, by reports of falling sales at Cisco, have unsurprisingly damaged in US trading today.
Intel, the world's biggest semiconductor maker, fell 45 cents to $12.51 after an industry group lowered its estimate of worldwide chip sales, thanks to Cisco's profits warning.
The Standard & Poor's 500 index has so far fallen 23.25 points or 2.5% to 900.51 and the Dow Jones has slipped 201.07 points or 2.3% to 8569.94 while the Nasdaq has lost 41.86 points or 3% to 1377.13.
It is IBM which has been leading declines on the S&P 500 and in the technology stocks sector, and has so far fallen $2.50 to $79.04. Cisco rival Juniper Networks has also lost 32 cents to $7.37.
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