FTSE blog: FTSE down over 2.5 per cent at close
16.45: The FTSE 100 has fallen over 2.5 per cent after another volatile day for stock markets.
The blue-chip closed the day at 4944.44 having breached the 5,000 barrier in early trades. Barclays and Hargreaves Lansdown were the biggest fallers after both saw over 7 per cent wiped off their share price.
Markets in Europe also suffered with the German Dax and the French Cac 40 down 3 and 2.6 per cent respectively.
16.24: The FTSE 100 has fallen 2 per cent today to stand at 4969.65.
15.12: The FTSE 100 is over 3.5 per cent as the fallout from Greece continues to concern European markets.
At 14.48, the index stood at 4882, a fall of 3.8 per cent, having breached the 5,000 barrier earlier today. Markets across Europe have also suffered with the German Dax and the French Cac 40 down 4.3 and 3.8 per cent respectively.
In the US, the Dow Jones dropped 2 per cent in early trades.
14:15: The FTSE 100 is down by more than 2.5 per cent as concerns over Greece continue to impact across European markets.
The German Dax is down 3.3 per cent, while the French Cac 40 is down 2.6 per cent.
13.20: The FTSE 100 has fallen more than 3.5 per cent as the fallout from Greece continues to effect European markets.
At 13.20, the blue-chip UK index was 3.53 per cent to stand at 4896.10. European markets have also suffered with German Dax down by 4.1 per cent and the French Cac 40 down 3.5 per cent.
Shares began their fall on Monday after Greece announced a projected deficit of about 8.5 per cent of GDP for 2011. The figure is down from 10.5 per cent in 2010 but short of the 7.6 per cent target set by the EU and the IMF.
A meeting set for October 13, when finance ministers had been expected to sign off the next Greek loan of 8bn euros, has now been cancelled. This means Greece may not get the next 8bn euro tranche of its loan until November.
There are also concerns over Franco-Belgian bank Dexia after the board called an emergency meeting on Monday after Moody’s announced that it was cutting its credit rating due to its exposure to Greek debt.
With Dexia’s share price initially falling as much as 14 per cent, there are fears that Greek default could spark a banking crisis
12.00: The FTSE 100 remains below the 5,000 barrier at 4963.02, a fall of 2.2 per cent.
10.54am: The FTSE 100 is down 2.3 per cent to stand at 4957.84.
Weir Group is the biggest faller in the blue-chip index, having seen its share price slide by 5.81 per cent. Legal & General, Barclays and Prudential have all seen their share price slide by more than 5 per cent in early trades.
9.36am: The FTSE 100 has fallen through the 5,000 barrier after eurozone ministers delayed their decision on giving Greece the next instalment of its bailout fund as well as concerns a Greek default may spark a banking crisis.
At 9.36am, the blue-chip index had fallen by more than 2.5 per cent to stand at 4945.87. Markets across Europe also recorded early losses with the German Dax and the French Cac 40 both down by around 3 per cent.
In the US, the Dow Jones recorded a 2.4 per cent fall by the close of play on Monday.