FINANCIAL TIMES: Shares in London were back in the red by midday on Friday as an earlier rally fizzled out ahead of what was expected to be another rocky session on Wall Street.
Bank stocks, which have been heavily sold off since the turmoil in the credit markets began in June, stage a recovery as investors took the view that lenders had been oversold.
But losses for cyclical stocks like miners, metal groups and oil companies dragged the index of leading shares lower by midday.
The FTSE 100, which closed at its lowest level since September 2006 on Thursday, fell 31.50 points or 0.6 per cent to 5,825.40. The blue-chip index is down nearly 180 points or almost 3 per cent this week. Since its high in June the FTSE 100 has fallen nearly 13 per cent and is now in negative territory for the year. FTSE turns lower as uncertainty remains (more)
Mark Alexander
