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FTSE slumps

The FTSE opened lower today at 4,427 despite reports from the Confederation of British Industry predicting a shorter and less severe recession than feared.

By 9.07am, the index was 1.9 per cent lower at 4,359 with resource stocks leading losses. By 4.04pm, it was 2.7 per cent lower at 4,322.

Banks were down with Barclays losing 4.2 per cent at 279.75p, Royal Bank of Scotland down 4.5 per cent at 38.10p and HSBC down 3.4 per cent at 528.25p.

Lloyds held up gaining 1.5 per cent to 66.20p amid reports that Commonwealth Bank of Australia is considering a bid for its fund management arm Insight Investment Management’s third-party funds business.

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