The FTSE had a disappointing day of trading today, finishing 0.49%, or 29.2 points down at 5,877.6.
The slide comes as a result of the banks slipping firmly into the red, and spells another poor day for London, after the late slump on Friday.
HBOS contributed to the downfall, slipping 7.18%, or 23.75, to 307. Barclays and RBS also struggled during a bad day for the banks. Barclays dropped 5.7%, or 19.25, to 318.5 while RBS fell to 233.75, marking a 11.75, or 4.79% slide.
Xstrata however, managed to do relatively well, climbing 2.8%. John Wood Group also had a decent day, gaining 2.58% to finish on 477.25. BP made improvements of 2.41%, or 14, to 594.75, despite oil prices dropping slightly from last week’s record highs.
On Wall Street, the doom and gloom from Friday’s near 400 point plummet has been lifted ever so slightly in early trading today. The good news oil prices were falling led to a 100 point climb back up to an index value of over 12,300.
Alcoa Inc and McDonalds have both made good starts of over 4% gains, battling for the top winner spot. Alcoa is currently just above the 40 point improvement mark, while McDonalds has made gains of around 60 points so far.
General Motors has started relatively well, rising 0.56%, or 3.45 points, to around 16.8 points. Exxon and Wall Mart are also on the winners’ board.
JP Morgan is today’s biggest loser so far on the Dow Jones, slipping 1.32%, or 0.53 points, to 39.5 points. Merck Co, American International Group and Verizon Communications are also struggling slightly, all falling between 0.5% to 0.7%.
'Necessary steps' taken
Penalty payments and enforcement policy
Fees as low as 0.04%
Client procurement costs ‘unsustainable’
Only 9,486 applied for the benefit in 12 months