FTSE 100 slumps in early trading
Friday 27th February 2009, 9:11AM GMT.
The FTSE 100 slipped back into the red this morning as last night’s banking rally reversed.
By 08:38 GMT, the index was trading at 3,842.57, 1.87 per cent lower than yesterday.
Royal Bank of Scotland led the slide, falling 8.28 per cent, while Lloyds Banking Group, which revealed HBOS lost £10 billion over 2008, dropped 6.67 per cent to 70p.
Just a handful of stocks were rising on the index, with packaging company Bunzl up 1.67 per cent and mining firm Xstrata rose 0.46 per cent.
Overnight, US stock markets fell, with the Dow Jones was off 1.2 per cent and the S&P 500 down 1.6 per cent.
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