FTSE ends week in red
The FTSE 100 started to climb this afternoon after its earlier plunge but still closed 2.47 per cent lower.
FTSE ends week in red" class="imageframe alignright" height="200" src="http://pictures.directnews.co.uk/liveimages/Lloyds+TSBHBOS_1455_18928037_0_0_7018367_300.jpg" width="200"/>The FTSE 100 started to climb this afternoon after its earlier plunge but still closed 2.47 per cent lower.
The Senate's rejection of the US auto bailout bill sparked a global plunge in equities, but the FTSE 100 started to recover by early afternoon.
However, the index remained in the red by the close of trading and was still 108.34 points down at 4,280.35.
HBOS, which will now merge with Lloyds TSB following shareholder approval of the deal, saw its shares dive by 22.95 per cent.
Lloyds TSB shares also took a pounding, and were down by 17.78 per cent, while Man Group shares fell by 15.48 per cent.
Only a few shares made gains, including Wood Group, up 2.44 per cent, and Experian, up 2.39 per cent.
Anthony Grech, research analyst for IG Index, said: "Having wiped out last week's losses on Monday, the FTSE has been unable to sustain its recovery, with the weight of the week's negative data too much for global markets to bear.
"Further job cuts today from Woolworths' distribution firm and Spanish bank Santander – which has announced 1900 UK jobs will go – have simply added to gloom."