FTSE hits 13-year low as recession bites

Just an hour from closing, London's blue chip index had lost 65.44 points (1.8%) to 3,560.39. Surprisingly, the financial sector fared well despite recent troubles, with Standard Chartered adding 6.39% after revealing profits rose to $4.8bn in 2008. With full-year results expected tomorrow, Old Mutual shares added 4.11% to 38p despite an expected fall in profits. The Energy sector was among the major losers, with International Power shares down 6.92%, Cairn Energy slipped 6.06% and BG Group dropped 5.11%. US markets made a slight recovery in early trading, with the Dow Jones adding 2...