FTSE 100 falls 0.47%

The FTSE 100 fell 0.47 per cent in early trading today as traders found themselves deluged by company results.

At 9:15 BST, the index stood at 5,502.40 – down 25.70 points.

HBOS led the gains rising 2.56 per cent to 300.75p as some confidence returned to the financial sector.

BT was up 2.54 per cent and retailer Kingfisher rose 1.89 per cent.

Property giants Hammerson and British Land were up 1.83 per cent and 1.38 per cent respectively.

Miner Kazakhmys was down 3.58 per cent after it reported a fall in first half profits stemming from lower copper output.

Fellow Eurasian was down 3.26 per cent, while Severn Trent dropped 2.78 per cent.

London Stock Exchange was down 2.50 per cent and Cairn Energy slipped 2.16 per cent after recent gains.

In New York last night the Dow Jones was up 0.79 per cent, while the Nasdaq rose 0.87 per cent.

In Europe this morning, the Cac 40 and Dax were down 0.68 per cent and 0.74 per cent.