FTSE 100 falls on more bad news
Wednesday 25th March 2009, 4:59PM GMT.
The FTSE 100 fell for a second day despite a lift from banking stocks, taking the index further away from the 4,000 mark.
The index closed 11 points down at 3,900.25, led by a 14.67 per cent drop at technology firm Smiths Group, which disappointed investors with a fall in first half profits.
News from Legal & General that is has slashed its annual dividend for shareholders did nothing to boost optimism, sparking worries for rival Aviva.
Shares in Aviva fell by 11.24 per cent, while Legal & General recorded a 7.71 per cent drop.
HSBC was also the bearer of bad news today, announcing further job loses. Shares in the bank fell 4.41 per cent as a result.
However, several other high street banks received a boost to their share prices, with Lloyds Banking Group up 5.69 per cent and Barclays up 4.5 per cent.
In the US, markets opened higher as home sales unexpectedly rose in February.
The Dow Jones was up by 1.9 per cent, while the S&P 500 jumped 1.5 per cent.
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