Lloyds Banking drags FTSE 100 lower
Tuesday 12th May 2009, 5:24PM BST.
Lloyds Banking Group dragged down the FTSE 100 after falling 10.27 per cent on the index to 89.10p.
The bank led a decline in the UK’s leading shares index, which fell 0.22 per cent over the day to 4,425.54.
Shares in Barclays also fell, by 6.45 per cent, while Royal Bank of Scotland shares dropped by 5.64 per cent.
The falls mark the end of a rally in the banking sector over last week as investor sentiment swung from deep pessimism to wild optimism over the health of financial firms.
The index veered from lows of 4398 to highs of 4454 over the morning, but fell sharply after official unemployment figures, released early, showed jobless levels had jumped to 2.2 million.
A mix of energy and retail stocks helped support the index and Morrison Supermarkets rose 4.13 per cent, while Scottish and Southern Energy was up by 2.24 per cent.
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