FTSE 100 drops 1.4%

Tuesday 9th December 2008

The FTSE 100 was down this morning – but holding on to much of yesterday's gains.

The index was down 1.36 per cent at 8:35 GMT to 4,238.92 – after yesterday's six per cent gain.

Last night the Dow Jones was up 3.46 per cent to 8,934.18 – after flirting with the 9,000 level for the first time since early November.

Over night in Asia, the Hang Seng was down 1.94 per cent but the Nikkei rose 0.80 per cent.

Europe followed London this morning after pushing yesterday's gains – now looking like a dead cat bounce – behind them with the Dax dropping 1.68 per cent and the Cac 40 falling 1.06 per cent.

Despite the morning falls, Tom Hougaard at City Index saw yesterday's gains at the first sign of a tentative rally into Christmas.

"Sure, we have been fooled before, so I am not betting the farm, but the timing was perfect," he said.

"The rally in the Dax was impressive, so although we are calling the indices slightly lower this morning, I expect the market to behave bullish into the end of the year."

In London this morning there was a Bassetts Liquorice Allsorts collection of winners and losers.

Lonmin was up 3.61 per cent, Wood Group gained 2.44 per cent and Wolseley rose 2.02 per cent.

Friends Provident was down 6.14 per cent, British Airways fell 4.75 per cent, HBOS slide 4.22 per cent, Rio Tinto slipped 4.13 per cent and Schroders Non-Voting dropped 4.05 per cent.

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