The FTSE 100 closed 0.76% lower at 6007.60, fuelled by massive falls in banking stocks.
HBOS and Alliance & Leceister recorded significant falls of 10% and 5.23%, respectively. HBOS sustained losses after its rival Bradford & Bingley reported shock profits and cut the offer price for its rights issue, while shares in Alliance & Leceister fell after reports that French bank Credit Agricole withdrew a bid for the lender. Energy stocks were on the up following a fall in oil prices, with Tullow Oil (+2.53%) and British Energy Group (up 1.91%) featuring among the day’s biggest winners. In the US, the Dow Jones had dropped 1.14% to 12497.06 by midday, with Amer Express Inc and C...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
