The FTSE 100 looks set to record its worst ever annual performance despite stocks staging a late recovery in the first two trading days this week.
London's index of leading shares has consolidated yesterday's 2% gain with a 47.17 point rise, or 1.09%, to 4,366.52 this afternoon. However, the index is still about 33% lower for the year, the worst performance since it began in 1984.
Defying a difficult day for the financials sector, Schroders (non-voting) has bounced back from a poor start to sit 4.96% higher to 687.50, while Asian-focused banking giant Standard Chartered has advanced 4.76% to 847.50.
Both HBOS and Lloyds TSB are lower today following news HBOS pension scheme trustees are threatening to block the bank's merger in court unless protection is put in place for its 80,000 pension scheme members. HBOS is 3.97% lower to 67.80 and Lloyds TSB is behind 2.73% to 124.50.
Power station operator Drax leads the laggards, down 4.27% to 561.
London trading will close for the year at 12.30pm tomorrow.IFAonline
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