FTSE fails to make expected gains

The London market remained stuck in first gear today, despite strong gains on Wall Street last night after US interest rates were cut to near zero.

The FTSE 100 Index had been expected to open 60 points higher, but instead drifted lower before settling up 17.1 points at 4326.1 by mid-morning as sentiment took a hit from a sharp fall for market heavyweight HSBC.