FTSE 100 makes up early falls

Thursday 13th November 2008

The FTSE 100 made up ground from early drops this morning, despite more falls seen last night in New York.

The London index was down 0.50 per cent – or 20.82 points – at 9:03 GMT to 4,161.20, after dropping 100 points on opening.

In New York last night, the Dow Jones continued its decline, falling 4.73 per cent to 8,282.66.

Overnight in Asia, the Nikkei dropped 5.25 per cent and the Hang Seng fell 5.15 per cent.

However, Europe started Wednesday more positively – with the Dax up 0.65 per cent, despite the German economy official falling into recession, and the Cac 40 up 0.93 per cent.

In London the biggest gains went to BT – rising 10.76 per cent to 124.60p as the firm announced cost cutting measures and 10,000 job cuts.

Insurer Old Mutual rose 7.68 per cent, publisher Reed Elsevier was up 6.54 per cent and Thomson Reuters gained 5.69 per cent.

However, financials took the lions share of the falls.

ICAP and London Stock Exchange Group were down 8.25 per cent and 8.11 per cent respectively, while HBOS and RBS fell four per cent and 3.93 per cent.

Miner Fresnillo was down 3.71 per cent.

On the currency markets the pound was down half a cent against the dollar to $1.490 and fell 0.23 per cent against the euro to €1.194, making €1 worth 83.8p.

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