Footsie down after failing to recover early losses

THE London market started the week on a downbeat note yesterday as subdued trading pulled the top flight lower.

The FTSE 100 Index was unable to stage a recovery from earlier lows, and closed 19 points adrift at 4015.6.

A weak start in the US, where bond markets were closed for Veterans’ Day, added to the downbeat mood.

In the City, a number of heavyweight financial stocks had a weak session.

Insurers were easing after credit rating agency Moody’s placed most in the sector under review for a possible downgrade.

Friends Provident dropped 6p to 129p, Aviva eased 2p to 507p and Prudential slid 10.5p at 448p.

Banks on the back foot included Abbey National, off 27p at 653p, Lloyds TSB, down 9.5p at 546.5p and HSBC, behind 7p at 700.5p.

Some were bucking the trend, however, and helped offset losses elsewhere in the sector.

Fund manager Schroders NV sparked 21.5p to 518p while HBOS put on 10p at 715p and Northern Rock climbed 9.5p at 691p.

In the FTSE 100, the biggest risers were Schroders NV, up 21.5p at 518p, Dixons, up 5.25p at 181p, Safeway, up 6p at 232p and Cadbury Schweppes, up 10.25p at 420.5p.

The heaviest fallers were Invensys, down 5.5p at 58.5p, Compass, down 15p at 265.75p, Exel, down 32p at 645p and Shire Pharmaceuticals, down 24.5p at 500p.