Another £54.7bn wiped off market as heavyweights slide

THE FTSE 100 Index slumped to its lowest level since December 1996 today after plummeting through the 4000 barrier.

Further falls from heavyweight oil and telecom stocks hurt the London market as another £54.7 billion was wiped from the value of leading shares.

The latest sell-off, which saw the FTSE 100 Index fall 229.6 points to 3994.5 by the close, reflected further woes in the US.