Banks drain FTSE

Banking stocks led today’s losses. HSBC lost 10p to 800p, and Royal Bank of Scotland Group shed 25p to 1,550p. Abbey National dropped 4.25p to 483.5p after analysts at UBS cut their forecast for the lender’s stock to “reduce” from “neutral”. Drug makers also droppedthis afternoon. AstraZeneca declined 15p to 2,440p, and GlaxoSmithKline dropped 11p to 1,094p. Bradford & Bingley lost 3.5p to 264.5p after analysts at Citigroup cut their recommendation to “hold” from “buy”. In the meantime, oil giant BP rose 4p to 486.5p. Marks & Spencer Group lost half a penny to 359p. Br...