Lloyds Banking Group is among the fallers in early trading on Wednesday on rumours it is close to securing a deal that will see some of its bad loans insured under the Government's asset insurance scheme.
The banking giant has dropped over 5% to 100.48p, dragging the FTSE down more than 28 points, or 0.59%, to 4,791. Reports suggest the company has won backing from its investors to raise £10bn as it fights to reduce its dependence on the taxpayer. Financials and miners are having the biggest bearing on the index. Legal & General and Royal Bank of Scotland Group are also among the worst performing stocks. Miners Kazakhmys, down 4.46% to 911p, and Antofagasta, down 4.15% to 705p, were also among the poor performers. Overnight in the US, the Dow Jones was also hit by financials, clo...
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
