FTSE 100 falls on bank fears
Friday 13th February 2009, 5:03PM GMT.
Fresh fears for the banking sector weighed on the FTSE 100 this afternoon, taking the index 21 points lower.
The UK’s leading share index closed at 4,181.03, 0.5 per cent down, despite earlier gains, after a trading update from Lloyds Banking Group revealed potential losses at HBOS totalling £10 billion.
Lloyds shares fell 34.10 per cent, down to 59.9p, while Royal Bank of Scotland followed with a ten per cent fall to 21p.
Analysts are concerned the heavy losses may mean both banks could be nationalised.
However, better results for Thomas Cook saw its shares rise 7.54 per cent over the day.
The travel firm said trade is “robust” and was optimistic about its prospects for the summer season, despite wide reports consumers are cutting back on their leisure spend.
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