Financials drag FTSE into the red

The market started in the red in opening deals but losses mounted through the day resulting in the blue chip index ending more than 1% lower. The handful of risers consisted largely of oil producers and power suppliers with British Energy nabbing top spot as it clawed back some of the previous day’s heavy losses ending up 5.4% at 450p. The fallers were led by Legal & General down 3.6% at 139.75p ahead of third quarter business results due Wednesday, while Next was burdened by a negative broker note taking it down 1.6% to 62p. Barclays fell 2.4% to 705p after naming its new finance direc...