FTSE continues to plummet

The FTSE 100 Index has continued its downward spiral as investors share the pain of a bleak session in New York.

The Footsie was 18.3 points lower at 4209.9 as concerns over the weak US dollar continued to dog world markets.

Overnight, both the Dow Jones Industrial Average and tech-laden Nasdaq finished more than 1% lower.

There had been hopes that London shares could ride the storm, but a 25 point gain in the opening minutes of trading failed to last.

Among the heaviest fallers was insurer Royal & Sun Alliance - down 22.25p 91.5p - as the impact of a rights issue, following its approval by shareholders yesterday, hit the value of the stock.

Elsewhere, broadcaster BSkyB was in positive territory, up 5.5p at 627p, after announcing the departure of chief executive Tony Ball. His decision to stand down had been widely speculated in the City.

Plant hire business Wolseley led the Footsie risers, with a gain of 8.75p to 725p, after announcing record annual profits of £455.9 million - despite "mixed" economic conditions in the US and mainland Europe.

Outside the top flight, computer games retailer Game rose 0.75p to 61p following the fourth half-year profit in its history.