Footsie loses early gains

The fragility of investor confidence was exposed today when the FTSE 100 Index lost hold of early gains of 66 points to close in negative territory.

Losses by pharmaceuticals stocks and fears over inflation were behind the late sell-off as the Footsie closed 3.7 points lower at 5164.1. This followed the worst session in more than a year when the market retreated 96 points yesterday.