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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.


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.

Scheme pays explained

By Fiona Hanrahan, senior product insight and technical support analyst We’ve received lots of queries on scheme pays and when it can be used. This article explains how it works and the conditions which apply. What is ‘scheme pays’? If an individual exceeds the annual allowance (AA) and an AA tax charge is due, they […]


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