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Financials drag on FTSE

The FTSE has closed 0.18 per cent lower 3,857.10 after closing 2.9 per cent higher in Monday’s session with banks holding back on previous gains after pressure on Wall Street.

Yesterday’s banking rally dampened with weak results from American Express muting gains in Barclays shares after its previous surge. By close, shares in the bank had fallen by 0.44 per cent to 91.30.

Shares in Friends Provident closed 4.75 per cent lower after the insurer reported a £871m loss on an IFRS basis and a cut its full-year dividend to 3.9p from 8p in 2007.

Prudential fell 5.37 per cent lower to 264.50p and Standard Life was down 2.38 per cent to 180.40p.

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