FTSE 100 reverses gains
Thursday 29th January 2009, 5:18PM GMT.
The FTSE 100 slipped 2.45 per cent over Thursday’s session as a banking rally fizzled out.
Closing at 4,190.11, the UK’s benchmark index ignored earlier gains in US and Asian markets and dived 105.09 points.
The banking sector, which enjoyed a brief rally yesterday after an analyst recommended Royal Bank of Scotland, reversed its gains over the day.
Lloyds Banking Group shares fell 12.19 per cent to 88.6p, while Barclays shares remained slightly above £1, at 100.2p.
Miners recovered slightly, with Xstrata rising 3.61 per cent to 645.50p and Randgold Resources up 2.63 per cent.
Royal Dutch Shell also saw shares rise, by 1.41 per cent, after posting record profits and increasing its dividend.
David Jones, chief market strategist, IG Index, said: “After yesterday saw the leading index hit highs not seen for a couple of weeks, sentiment has once again turned on a sixpence today; the London market has been in reverse for much of the session.
“There was weakness across the board, with financial stocks particularly under pressure again – maybe not too surprising after the spectacular gains seen for some of the banks in recent days.”
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