Northern Rock report fails to keep FTSE firm

The FTSE 100 index was down 10.6 points or 0.5% to 4310.5 in early trading, while the FTSE All-Share index fell 5.5 points or 0.3% to 2151 and the FTSE 250 index was down 0.3% to 6043. BP shed 4.25% or 0.9% to 490.25p while Shell Transport & Trading Co lost 2.75p or 0.7% to 395.75p because the futures oil price – which last night ended in the US at over $41.50 – could affect profit margins. Northern Rock has also had a bad start to the day, after reporting its first-half profits slowed by more than half because lending profitability decreased. Northern Rock was previously seen as t...