FTSE takes investors on rollercoaster ride

Uncertainty over the war in Iraq has seen London share prices fluctuate sharply.

After dipping as far as 82.9 points in early trading, the FTSE 100 Index looked set for recovery - moving 14.7 points into positive territory at one stage - as traders began to look for a positive opening in New York.

But by lunchtime it was down 30.2 points at 3713.1.

ICI dropped 43% or 65.5p to 88p after warning that problems in its Quest flavourings and National Starch divisions had hurt first quarter profits. It also warned further job losses were planned because of the downturn.

Property group Canary Wharf was also on the way down amid renewed fears over occupancy levels. On top of recent falls, shares lost another 6.25p to reach 158.75p.

Other fallers in the FTSE 100 Index again included banks with Abbey National slipping 16.75 to 349p, Royal Bank of Scotland down 37p at 1432p, HBOS 12.5p lower at 662.5, HSBC easing 5.5p to 666.5p and Barclays off 9p at 370.75p.

Among the insurers, Friends Provident fell 2.25p to 82p, Legal & General lost 2.5p to reach 74.5p and Prudential was 1.25p cheaper at 337.25p.

Despite posting a positive update, traders marked publisher EMAP down 4p to 740p.

Caterer Compass also said trading was in line with expectations and was rewarded with a 2.25p rise to 283p after earlier being in negative territory.

Outside the Footsie, shares in JJB Sports leapt 18%, or 28p to 184.5p, after the group announced that chairman Dave Whelan was considering a move to take it private.