FTSE 100 creeps down to 4000 mark
The FTSE 100 Index moved a step closer to the 4,000 barrier today as investors remained on the sidelines ahead of official GDP figures.
With the UK’s slide into recession due to be confirmed by the latest data, the Footsie stood 26.4 points lower at 4025.8 in the first hour of trading.
Banks continued to put pressure on the wider market, with Barclays the leading faller amid continued fears that it will have to raise more cash.
The beleaguered stock was 11% lower, down 6.6p at 52.6p, while Royal Bank of Scotland slipped 0.7p to 11.5p, a fall of 6%, and Lloyds Banking Group dropped 1.1p to 48p.
Insurers were also struggling due to ongoing worries over capital requirements and ahead of a number of trading updates due next week. Aviva was off 24.5p at 258.25p, while Legal & General shed 5.2p to 53.6p and Prudential fell 17p to 289.5p.
The biggest fall in the FTSE 250 Index came from Barratt Developments after Citigroup cut its recommendation on the housebuilder to sell. Shares dropped 14% or 11.25p to 68.25p.
In corporate news, pubs chain Marston’s rose 1.25p to 98.5p after it reported a 6% drop in like-for-like profits at its tenanted division, a performance analysts said compared favourably with rivals Enterprise and Punch.
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