FTSE 100 drops as Dow hits 12-year low
Tuesday 24th February 2009, 9:17AM GMT.
The FTSE 100 fell further this morning, after the Dow Jones in New York fell to a 12-year low.
The Dow Jones Industrial Average fell 3.41 per cent to 7,114.78 last night amid concerns over US attempts to stabilise its banks – and reports the government would take a larger stake in Citigroup.
Overnight in Asia, the Nikkei was down 1.46 per cent.
After closing down one per cent yesterday, the FTSE 100 continued falling this morning.
At 08:47 GMT the index stood at 3,833.91 – a drop of 16.82 points or 0.44 per cent – taking it to lows last seen briefly in November last year and before then in 2003.
The biggest gains went to Royal Bank of Scotland – up 3.77 per cent to 22p – as reports stated the firm was due to gain support from the UK government Asset Protection Scheme.
Serco gained 2.81 per cent and InterContinental Hotels rose 1.98 per cent, while defensive pharma stocks AstraZeneca and Shire rose 1.63 per cent 1.29 per cent respectively.
Leading the drops was Invensys – down 4.43 per cent – while Man Group fell 3.98 per cent and Prudential was down 3.90 per cent.
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