After holding the line for most of the day, the FTSE 100 index closed down 27.10 points at 4,385.70 after figures showed factory output dropped in the US last month.
Legal & General lost most, dropping 4p to 94.5p after investment bank JPMorgan suggested investors switch holdings to competitor Prudential on fears of what realistic reporting requirements will reveal. Pru was unable to capitalise, dropping 5p to 447p. Shell dropped 13.5p to 353.75p after Opec, the oil cartel, confirmed plans to cut output by its members to sustain a high crude oil price. British Airways dropped 9.5p to 276.5p on investor concerns a sustained high oil price would hit its profits – jet fuel is priced in dollars, just like oil. Vodafone dropped 2.5p to 128.75p af...
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