FTSE 100 falls 1.42%
Thursday 15th January 2009, 5:24PM GMT.
The FTSE 100 slipped down 1.42 per cent as the crisis in the banking sector gathered pace.
HBOS shares fell 13.46 per cent, Lloyds TSB shares were 11.69 per cent lower, Barclays dipped 8.23 per cent and HSBC shares dropped by 7.01 per cent by the end of trading.
Investors have lost confidence in the financial stocks on fears of steep losses in the next round of earnings releases.
In the US, JPMorgan Chase posted a 76 per cent fall in quarterly profit, while Citigroup is expected to announce further losses tomorrow.
This week, European heavyweights Deutsche Bank and HSBC also shook investor confidence, as the German bank issued a profit warning and UK-based HSBC was predicted to seek more capital soon.
However, several mining stocks appeared to rally slightly this afternoon, with Antofagasta up 4.14 per cent, Xstrata trading 1.74 per cent higher and Rio Tinto up 1.52 per cent.
Ryan Kneale, market analyst at BetsForTraders.com, said: “Banks are struggling, commodity stocks are in free-fall and retailers are ‘battening down the hatches’, as the consumer slowdown gathers steam.
“All-in-all, it’s pretty dire, and when there is to nothing for traders to be positive about, markets only have one way to go, and that’s down.”
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