Insurance companies came under more pressure after threats of credit downgrades today while LloydsTS...
Insurance companies came under more pressure after threats of credit downgrades today while LloydsTSB said it would put aside more money to cover bad debts, and both issues contributed to the FTSE 100 index shedding 26.80 points to close at 4,048.60.
This afternoon's trading was not helped either by news from the US that Disney and Hewlett Packard were both reporting earnings growth lower than expected.
Johnson Matthey led the FTSE down with a 53p drop to 820p after it went ex-dividend.
Lehman Bros. cut its share price target on Sage, pushing the software firm down 8p to 144p.
The banking sector was hit hard.
Barclays dropped 17.25p to 415.75p, LloydsTSB dropped 16.5p to 514p and HBOS dropped 17.5p to 655p.
Standard Chartered dropped 16p to 750p and RBOS dropped 27p to £15.24.
With such focus on the bottom line, it was the not-so-cheery announcement from Schroders that it is cutting more staff that helped its non-voting stock climb 51.5p to 531.5p.
And a positive outlook statement from packaging firm Rexham sent its shares up 22.25p to 410p.
It was a tough day for mid-cap stocks as the FTSE 250 index shed 42.8 points to close at 4,479.4.
Frozen foods maker Geest said its outlook was not totally positive and shares sank 51.5p to 502.5p.
Results from EMI failed to light up the sky, sending it down 7p to 150p.
Stagecoach did better after satisfying analysts that its US operations are not a completely hopeless case despite huge losses there; its shares jumped 44% or 8.25p to 27p.
In New York the Dow Jones Industrial Average is down about 30 points at 8,713.
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