Financials continue to drag FTSE

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UK financials dented the stock market once again, and unfavourable reactions to the US's bailout plan caused further problems for Britain's biggest companies.

Shortly after 3pm, the FTSE100 index was down 137.16 points (3.19%) at 4,158.04 after US shares opened sharply lower. Lloyds Banking Group dropped 17.94% to 82.8p over fears it would follow RBS in seeking further Government support, while private equity managers 3i Group fell further, down 16.32%, after reporting major losses on some investments. The insurance sector also fared badly, with Skandia owner Old Mutual down 12.23% while Legal & General dropped 9.96% despite a 3% rise in sales in 2008. Morrison Supermarkets performed well, with shares climbing 13.5%, while rival Sainsbury add...

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