View more on these topics

FTSE closes below 4,000

The FTSE 100 has closed below 4,000 after mining stocks reined back the index from earlier gains made in the banking sector.

The blue-chip index closed over 1 per cent lower at 3,986 after opening more than 20 points higher at 4,053 with confidence riding high from news that HSBC had gained overwhelming shareholder support for its £12bn rights issue.

By 9.30am it had risen 1.5 per cent to 4,092, with HSBC rallying 5.9 per cent to 460p. But by 1.20pm, it had slipped back to 4031, up 0.02 per cent on the day and by 2pm was 0.95 per cent down at 3,992.

Banking stocks performed well in early trades but gains slowed in the afternoon with Barclays closing up 1.3 per cent to 172.60p, Lloyds Banking Group up 0.6 per cent to 79.70p and Royal Bank of Scotland in the red by 2.61 per cent to 29.80p after rallying by over 5 per cent earlier in the day.

Recommended

Consolidate with destiny

The reasons behind the FSA’s desire for IFA businesses to be better capitalised, for advisers to be better qualified and for initial commission to be consigned to history have already been commented on widely in the press. Implementation of these measures, in line with last year’s retail distribution review, will undoubtedly help to professionalise and raise the esteem of the IFA industry.

May the farce be with you

Positions have been shifting but we are now able to view the seating arrangements at the great RDR circus which is due to visit again in June.

Europe: why persist with value today?

By Rob Burnett, Neptune’s Head of European Equities The Neptune European Opportunities Fund remains committed to a value bias. We see a broadening array of opportunities in diversified industries at compelling valuations today. The most complicated part of the market is the European banks. We are currently overweight in this sub-sector as many banks are […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com