The FTSE 100 has ended the session down another 114.6 points, or 1.82%, to 6,171.5, as a recovery on Wall Street failed to boost the index.
Miners and banks continued to weigh on the index today, which has now lost 3.5% over two days, with HBOS ending as the biggest loser with a drop of 4.59% to £10.81, over concerns about its outlook and margin figures, while Barclays slipped 3.65% to 740p.
Anglo American was also among the worst performers with a fall of 3.63% to £24.16, while Cable & wireless slipped 3.94% to 164.75p, and Reed Elsevier declined 3.57% to 583.5p.
Capita Group posted the biggest gains of the day with a rise of 1.81% to 647p, closely followed by Whitbread which added 1.04% to £16.48, while Reuters climbed 0.87% to 435.75p, Home Retail gained 0.71% to 423p, and Next advanced 0.69% to £20.42.
In the US, the Dow Jones Industrial Average is now making a steady recovery from yesterday’s heavy losses and has actually risen 105.35 points, or 0.86%, to 12,321.59 in early trading.
Procter & Gamble is posting the biggest gains with a rise of 3.74% to $63.54, closely followed by Disney which is up 3.02% to $34.10, while American Express has added 2.48% to $56.97.
Altria Group is also off to a good start with a rise of 2.47% to $84.71, while Verizon Communications has climbed 2.07% to $37.39, although the index is being pulled lower by Caterpillar which is down 0.57% to $64.46.
However, McDonald’s is the biggest drag on the index with a fall of 1.66% to $43.72, while Alcoa has slipped 0.95% to $33.47, 3M Company has dropped 0.54% to $74.10, and Du Pont has declined 0.39% to $51.10.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Nyree Stewart on 020 7034 2681 or email [email protected].IFAonline
Outlook for income
Chris St John to take over £3bn UK Select Opps