FTSE in positive territory

Northern Rock shares dived below £1 today after another sharp sell-off for the beleaguered mortgage bank.

The stock stood 22% lower by mid-morning, a drop of 23.4p at 80.8p, although the decline had been as much as 40% as investors continued to bail out after yesterday’s news that rescue proposals were “materially below” the firm’s value at the start of the week.