Footsie set for seven-year low

The FTSE 100 Index was hovering close to its opening mark today as the prospect of a new seven-year closing low remained firmly in focus.

Hopes of a positive start following late buying on Wall Street on Friday failed to materialise and the Footsie initially fell 20 points before recovering ground to stand 4.1 points higher at 3495.7 at mid-morning.