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FTSE flattens after PBR frenzy

The FTSE 100 opened 20 points lower today and remained flat in morning trades after posting its biggest ever one day percentage rise yesterday following the pre-Budget report and rescue plan of ailing US bank Citigroup.

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Today the UK index opened down at 4132,33 from its previous close 4152,96 after gaining almost 10 per cent in value during Monday afternoon’s trades.

By 11.30am Royal Bank of Scotland and Barclays had gained over 7 per cent, bolstered by news from the Bank of England governor Mervyn King that more steps may be taken to prop up the financial markets.

Amongst the big fallers was miner Rio Tinto which plunged over 35 per cent after BHP Billiton announced it was abandoning its £44bn takeover of the group.

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