FTSE 100 follows Wall St lower
Thursday 28th May 2009, 9:03AM BST.
The FTSE 100 dropped 1.08 per cent to 4,368.67 by 08:30 BST as financial stocks tumbled, echoing a drop in US markets overnight.
Hedge fund Man Group led the falls with a 12.9 per cent fall, followed by a 2.97 per cent drop in Prudential and a 2.55 per cent dip for Royal Bank of Scotland.
Energy and commodities stocks also fell, tracking lower oil and metals prices. Rio Tinto was trading 1.94 per cent lower, while Royal Dutch Shell was down by 0.25 per cent.
Silver miner Fresnillo was one of a handful of stocks still rising on the index, and was up by 1.77 per cent.
In the US, stock markets fell sharply as rising yields on US government debt sparked concern that borrowing costs could rise, while General Motors took a step closer to bankruptcy.
Last night, the Dow Jones was off 2.1 per cent, while the S&P 500 was down by 1.9 per cent.
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