FTSE 100 down in early trading

Thursday 14th May 2009

The FTSE 100 was down a fifth of a percentage point in early trading – following yesterday's drops.

At 8:45 BST, the blue chip index was standing down 9.86 points to 4,321.51 – as traders step back from recent muted optimism.

The fall followed drops last night in the US – following weak retail sales figures leading investors to the conclusion a swift recovery was possible.

The Dow Jones was down 2.18 per cent and S&P 500 fell 2.69 per cent.

In London this morning there was a mixed bag of winners and losers.

Invensys was up 5.79 per cent as the technology firm revealed profits were down but it was bringing back its dividend.

Silver miner Fresnillo and gold miner Randgold were up 5.31 per cent and 3.39 per cent respectively, while Standard Chartered and Old Mutual both rose 2.3 per cent.

Leading the falls, on the misty London morning, was Inmarsat down 6.36 per cent.

Petrofac fell 5.89 per cent, Lonmin dropped 4.49 per cent, Land Securities dipped 4.11 per cent and Xstrata was down 3.03 per cent.

BT this morning was down 2.01 per cent as it posted an annual loss of £134m – and revealed cutting 15,000 jobs or ten per cent of staff.

The BT dividend was cut from 15.8p to 6.5p.

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