Railtrack's share price falls after Yorkshire rail tragedy

Shares in Railtrack have fallen back as news swept through the London markets of an early morning collision between an Intercity passenger train and a freight train near Selby in North Yorkshire.

Latest reports suggest 13 people have died following the collision, and many more are seriously injured.

Railtrack shares were trading down 2.4% or 22½p at 917p at around 9.30am.

The passengers were travelling on the 4.45am Newcastle to London King's Cross service.

At least 60 passengers were feared trapped following the accident, which took place at around 6.20am - shortly after the train had stopped at York to pick up passengers.

A Railtrack spokeswoman says details of the crash are still unclear, but it is thought that a vehicle had run off a bridge carrying the M62 over the East Coast main line at Great Heck, south of Selby.

This latest crash comes in the wake of the Hatfield and Paddington disasters, and at a time when Railtrack faces mounting costs and rumours of bankruptcy - which are denied by the group and the Government.

Weekend press reports suggested that Deputy Prime Minister John Prescott was set to come to the group's rescue by giving it £1bn three years ahead of schedule.