FTSE 100 heads lower after rally
Friday 17th April 2009, 9:27AM BST.
The FTSE 100 ticked down in early trading as yesterday’s rally ran out of steam.
The index fell 3.6 points by 09:00 BST to 4,049.39, after closing 2.13 per cent higher last night.
The banking sector, which drove last night’s rise, supported the index in early trading but defensive stocks weighed on the FTSE 100.
Property group Hammerson led the falls, with a 5.31 per cent drop, while silver miner Fresnillo followed with a 3.62 per cent dip.
British American Tobacco, which rose earlier in the week, was down by 1.64 per cent, and pharmaceutical firm Shire also fell, by 1.21 per cent.
However, the better-than-expected results from bank JP Morgan continued to boost investor confidence in financials, and Lloyds Banking Group rose 5.02 per cent on the index, while Royal Bank of Scotland jumped 3.5 per cent.
Yesterday, the results from JP Morgan and hopes for profits at Google buoyed the US markets. The Dow Jones closed 1.2 per cent higher, while the S&P 500 was up 1.6 per cent.
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