Newspaper article The Journal (Newcastle, England)

Banks Lead Latest Slide on the FTSE

Newspaper article The Journal (Newcastle, England)

Banks Lead Latest Slide on the FTSE

Article excerpt

Byline: Brewin Dolphin

THE FTSE 100 Index failed to add to the gains it made earlier this week as it fell 3.3 points to close at 5684.5.

Banking shares were among the losers as former Barclays boss Bob Diamond looked to shift the focus onto his rivals during his grilling at the hand of MPs.

With his marathon testimony still going on as the London market shut, Lloyds was down 0.2p at 31.7p, Royal Bank of Scotland was off 2p at 214.5p and HSBC was 2.7p lower at 567.6p.

Barclays was down 1.1p at 166p after Oriel Securities cut its target price, saying it expects Barclays Capital to be wound down.

The beleaguered lender's shares are significantly lower than the 196p at which they opened last Thursday before the bank saw around pounds 3bn wiped from its market value as the Libor-fixing affair escalated.

In company news, Tullow Oil released a six months trading update, announcing that it expected "record first-half revenues". …

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