FTSE falls 4% in morning trading

The FTSE 100 Index dived 4% to a six-year low today as investors ran for cover after another blow to confidence in the banking sector.

FTSE falls 4% in morning trading
Mon, 02 Mar, 2009 - 11:35

The FTSE 100 Index dived 4% to a six-year low today as investors ran for cover after another blow to confidence in the banking sector.

Market heavyweight HSBC tumbled 23% – or 112p to 379p – after it scrapped its final dividend, announced a 62% fall in profits and confirmed plans to raise £12.5 billion from shareholders.

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