FTSE

The FTSE100 has given up a strong early start in mid-morning trading, with HBOS continuing to slide below its rights issue level. The blue-chip index is currently just 4.50 points (0.08%) higher to 5625.30.

Shares on London's blue chip index fell by 1.5% as yet more dismal financial news weighed on the market, and concerns grew about the still-rising price of oil.

The FTSE100 is on a downward slide this morning despite a positive opening, with downgrades denting a fine Friday start for homebuilders. The index is currently 11 points (0.19%) behind to 5697.40.

Impax Group, an AIM-listed specialist environmental investment company, and the FTSE Group are launching a new index to cover companies in the environmental sector.

London markets have opened relatively steady this morning despite losses on Wall Street and a strong sell-off in Asia. The FTSE100 is currently 9.50 points (0.17%) lower to 5747.40.

The FTSE 100 closed 1.8% lower on Wednesday, though slightly above earlier lows, as shares in retailers, banks and housebuilder Persimmon fell.

FTSE 100 tracker funds are overexposed to fluctuations in commodity prices, hampering investors' diversification, according to DigitalLook.com.

London markets have started poorly this morning as a host of downgrades punished blue chip stocks in early trading. The FTSE100 is currently 43.40 points (0.74%) lower to 5818.50.

The FTSE 100 rose 1.1% on Tuesday, adding 67.34 points to close at 5,861.9, boosted by such major miners as Eurasian Natural Resources , which led the gainers with a 6.2% gain, Lonmin , up 4.4%, and Anglo American , 4% higher.

Traders had been expecting the consumer price index to leap above 3% in May and didn't respond noticeably to this morning's news that it actually touched 3.3%, more than 1% above the government's target.