FTSE 100 down over 2%

Friday 27th February 2009, 5:17PM GMT.

FTSE 100 down over 2% The FTSE 100 closed down 2.18 per cent after another poor day for banks.

At closing time, the index stood at 3,830.09 a fall of 85.55 points.

London’s falls followed those in New York, with the Dow down 0.85 per cent at 11:30 EST (16:30 GMT) to 7,121.31.

In a week that saw the index rooted below the 4,000 mark, it fell a total of 1.5 per cent – after seeing a fall last week of 7.17 per cent.

Over February as a whole the index lost 7.7 per cent.

Today, the biggest losses were seen for the banks, as yesterday’s glint of optimism passed over concerns about Lloyds Banking not entering the government Asset Protection Scheme.

Lloyds Banking – which reported £10 billion losses on its HBOS subsidiary – was down 22.27 per cent to 58.30p.

Royal Bank of Scotland was down 20.00 per cent to 23.20p and Barclays slipped 17.35 per cent to 93.40p.

Insurers Old Mutual and Aviva fell 11.70 per cent and 10.60 per cent respectively.

Leading the gains was miner Xstrata – putting on 6.26 per cent.

Property duo Hammerson and Liberty International rose 5.19 per cent and 4.15 per cent respectively and gold miner Randgold reserves was up 3.37 per cent.