Miners, banks weigh on FTSE
Wednesday 7th January 2009, 10:16AM GMT.
The FTSE 100 fell 1.21 per cent in morning trading, dragged down by banking and mining stocks.
The end of the short-selling ban and fears of a global slowdown weighed on UK equities this morning.
The index broke its rally to open over four points lower, led by Scottish and Southern Energy, down 7.21 per cent and Standard Chartered, down 5.96 per cent.
Royal Bank of Scotland also fell, by 5.49 per cent, while Anglo American was down by 4.37 per cent.
However, several stocks rose this morning, including Marks & Spencer, which was up by 7.54 per cent by 09:41 GMT, as an interim statement was not as bad as feared.
Shares in J Sainsbury were also up by 2.61 per cent ahead of the retailer’s earnings release for the crucial festive period.
Overnight, the Dow Jones rose by 0.69 per cent, while in Asia, Japan’s Nikkei 225 was up by 1.74 per cent and Hong Kong’s Hang Seng index fell 3.37 per cent.
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