FTSE 100 falls 1.17% as financial rally fizzles
Tuesday 17th March 2009, 9:49AM GMT.
The FTSE 100 has reversed some of its gains in early trading after yesterday’s surge as a rally in financials fizzled out.
By 08:48 GMT, the index had fallen 1.17 per cent to 3,818.97.
Barclays, which led yesterday’s rise, fell 3.41 per cent on the benchmark index, while mining firms also dipped.
Eurasian Natural Resources dropped 5.08 per cent, while Kazakhmys was down by 3.97 per cent.
There were still a few stocks propping up the index. Insurer Old Mutual was up by 3.16 per cent, while Lloyds Banking Group jumped 1.06 per cent.
US markets also fell last night, after American Express admitted defaults were higher over the last quarter, dampening earlier optimism over the banks’ prospects.
The Dow Jones fell 0.10 per cent, while the S&P 500 dropped 0.35 per cent.
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