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FTSE closes in on 3,500 mark

The FTSE 100 is set to fall through the 3,500 barrier having closed today at 3512.09.

The blue-chip company index has continued to spiral downwards today falling by 3.14 per cent. This came off the back of a five per cent fall on Monday.

The biggest fallers on Tuesday included International Power, Lloyds Banking Group and Cairn Energy.

Standard Chartered, the UK’s second-largest bank by market value lifted hopes with news of a £3.4bn profit for 2008. Shares surged on the back of the results, up over 11 per cent to 656.50p by 9.15am. But less than an hour later, its gains had muted with shares up 2 per cent to 599.50p. The group finished the day up 7.33 per cent.

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