FTSE 100 down for third day
FTSE 100 down for third day
Tuesday 24th February 2009
The FTSE 100 saw a third day of losses today – with the index now seeming rooted under the 4,000 mark.At close of the play the FTSE 100 stood down 34.29 points – or 0.89 per cent - to 3,816.44.
Further losses in London were stemmed as the Dow in New York picked up after yesterday's drop to a 12-year low.
At 12:03 EST (17:03 GMT) the Dow Jones was up 0.93 per cent to 7,180.81.
Insurers led the drop in London, with Friends Provident falling 9.84 per cent to 67.80p.
Prudential was down 7.63 per cent and Aviva fell 5.06 per cent, while Lloyds Banking Group slid 5.11 per cent to 53.90p as speculation grew about the government converting its preference shares in the lender.
Meanwhile, Royal Bank of Scotland rose 4.25 per cent to 22.10 – with both banks' low share prices amplifying gains and losses.
Thomson Reuters was up 6.58 per cent, Experian gained 4.60 per cent and Serco rose 3.81 per cent.
David Jones, chief market strategist, IG Index: "Following the US's weak end to trading yesterday, the UK was always going to be under pressure from the start, and has spent much of today nudging ever lower.
"The problem is still the degree of doubt out there about how long the slowdown is going to last, and how bad it could get.
"Speculation that insurance giant AIG is looking to again revise the terms of its bailout has investors questioning just where state intervention is going to end and when these businesses are going to start recovering."
He added: "It is not rocket science but at the moment many are taking the view why buy today when a little bit of patience could mean further share price bargains in the not too distant future."
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