FTSE 100 edges closer to 4,000
Tuesday 17th February 2009, 8:57AM GMT.
The FTSE 100 has slipped further in early trading and by 08:23 GMT was hovering above the 4,000 mark.
At 4,097.18, the index crept closer to the psychological 4,000 point mark as mining stocks continued to weigh on the index.
The FTSE 100 has not dipped below 4,000 since December last year but came close toward the end of January.
Recession fears put downward pressure on the mining sector, with Kazakhmys falling 3.2 per cent, Eurasian Natural Resources dropping 2.71 per cent and Anglo American trading 2.64 per cent lower.
However, several financial stocks rallied. Legal & General shares climbed 10.61 per cent to 49p after the insurer said it will more than double its credit default reserves to £1.2 billion.
Lloyds Banking Group shares also rose slightly, by 1.6 per cent to 57.3p, and Barclays shares were up by 1.44 per cent to 98.50p.
Investors will be eying inflation figures later this morning, with a further fall in the CPI expected.
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