Financials hammer FTSE late on

Amvescap fell 4.15% to 508p and Man Group dropped 4.44% to £22.60 after serious profit taking by investors. Old Mutual also declined 4.94% to 163.5p, while Schroders fell 4.85% to 941p. Oil major Cairn Energy slipped 3.6% to £21.45, despite receiving approval for its development plans at a number of fields in Rajasthan, as investors worried the approval has come later than expected. Royal Dutch Shell also failed to make any headway, falling 2.46% to £18.23, despite being upgraded to “buy” from “neutral” by UBS. Meanwhile, BAA rose 6.40% to 873p on news Grupo Ferrovial has raised its...