FTSE 100 heads lower on banking stocks
Tuesday 7th April 2009, 4:56PM BST.
The FTSE 100 ended lower for a third day despite an early rally, dragged down by the banking sector.
The index closed 1.58 per cent down to 3,930.52, led by losses at Royal Bank of Scotland.
RBS admitted this afternoon more jobs would be cut at the bank, triggering a sell off, and share prices dropped 9.73 per cent to 26.90p.
Barclays shares also headed downwards, falling 7.94 per cent, while Lloyds Banking Group shares ended 7.03 per cent lower.
Supporting the index was BAE Systems, which rose 6.09 per cent over the day on hopes the US will ramp up defence spending.
Anthony Grech, market strategist for IG Index, said: “Two hours of growth in the early morning saw the FTSE climb above the 4000 mark, but the sunshine didn’t last long; the index began to wilt as financial stocks took a midday battering, and, by late afternoon, it was threatening to dip below the 3900 mark.
“Looking ahead, first quarter results out of the US next week may provide world markets with direction, but for now at least, there is more of the telltale weakness to which we have become so accustomed.”
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