Banking sector weighs on FTSE 100
Monday 9th March 2009, 9:27AM GMT.
Banking stocks weighed heavily on the FTSE 100 in early trading this morning, as investor concerns about the government’s asset insurance scheme widened.
The index opened at 3,540.90 and had fallen to 3,481.91 by 09:07 GMT, 1.38 per cent lower than Friday’s close.
Shares in HSBC fell 10.19 per cent, while shares in Lloyds Banking Group dropped by ten per cent and Barclays shares followed suit, falling 5.25 per cent.
News over the weekend that Lloyds Banking planned to put a bigger-than-expected number of assets in the government’s insurance scheme has sparked concerns other banks may not be as secure as thought.
Falls in banking stocks were slightly offset in the insurance sector, as some stocks reversed the losses made last week.
Aviva shares rose 5.14 per cent to 171.70p, while Legal and General shares rose 4.03 per cent to 25.80p.
In the US, the markets closed slightly higher but are still trading at multi-year lows.
The Dow Jones ended 0.49 per cent higher and the S&P 500 closed 0.12 per cent up.
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