Financials with the exception of HSBC were pounded in London this afternoon as continued credit concerns coupled with poor broker reports. The FTSE 100 index fell 67 points (1.14%) to 5817.3.
HBOS fared the worst of all, falling to a five year low, down 7.54% to 558.
Alliance & Leicester and Friends Provident shared in the negative sentiment, dipping 6.74% to 525.50 and 4.87% to 127 respectively.
HSBC surprisingly led the gains on its announcement of a 10% increase for 2007, climbing 3.13% to 790 this afternoon. Food service firm Compass also did well, up 1.76% to 332.25.
In New York, Wall Street has opened in a much steadier mood, currently down just 16.61 points (0.14%) to 12249.78.
A better than expected manufacturing report has come to the rescue of equities, with many stocks still concerned with rising oil prices and slowing consumer spending.
To comment on this story, contact:
0207 484 9793
Paul Bruns and Elaine Parkes
3,000 left to transfer
Record numbers of people aged 90 plus
From 3 to 10 October