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FTSE scrapes below 4,000

The FTSE 100 dropped to its lowest level this year, falling to 3,938.12 in afternoon trades today.

UK stocks fell to their lowest levels in over five years last November on global recessionary concerns but reports today that Royal Bank of Scotland is scrambling for billions in Government funding to offload its toxic assets dragged the index south.

RBS fell 12.56 per cent over the course of the day to 18.10p from 20.40p at open of trade.

Life insurer Legal & General also dragged on the index following yesterday’s statement on its capital position. Despite assurances from the firm to quell investor concern, shares in the firm had dropped 11.70 per cent to 40p by close of trade.

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