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Banks drag FTSE below 4,000

The FTSE 100 has fallen below 4,000 as fresh fears over toxic assets spark a sell-off in the banking sector.

The index opened higher at 4,003 after closing at 3,994 in Monday’s session with mining stocks regaining previous losses.

By 9.05am, the index was 0.72 per cent up to 4,023 but by 11.29am, it was 1.6 per cent down to 3,931 with financials dragging on performance after the International Monetary Fund predicted toxic debts held by institutions could reach £2,700bn, up from previous forecasts.

Banking stocks failed to hold onto previous gains with Barclays down 5.8 per cent to 162.60p, Lloyds Banking Group down 7.2 per cent to 74p and Royal Bank of Scotland down 6.7 per cent to 27.80p.


£7.6M write-off for Lighthouse Group

Lighthouse Group has had to write down £7.6m, with £5.6m directly related to its £12.6m merger with Sumus in May last year.

Auto-enrolment: tips for employers

The Pensions Regulator (TPR) has released advice on communications for employers, including three tips to help you with your auto-enrolment duties. 1. Allow enough time to select your pension schemeIt’s recommended that you start to prepare for auto-enrolment at least 12 months in advance of your staging date; additionally, give yourself time to choose the […]


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