Tuesday August 19, 11:11 AM
Market overview: FTSE 100 down 59
LONDON (ShareCast) - 1100: Footsie (news) is still deep in the red, with energy and mining stocks outweighed by struggling financial firms. HBOS (LSE: HBOS.L
- news) leads the decline, with London Stock Exchange (LSE: LSE.L - news) on the back foot for the second day in row. Oil giant BP (LSE: BP.L - news) is up after the broker Kaupthing started coverage on the company with a 'buy' recommendation. FTSE 100 down 59 at 5,390.0930: A few more names are showing up in blue, but the market overall remains well down on worries over US housing contagion. HBOS, Prudential, Barclays (LSE: BARC.L - news) and Lloyds TSB are lower while a gloomy update from rival Brixton has sunk property groups British Land (LSE: BLND.L - news) and Hammerson. Smith & Nephew and BG lead the risers. FTSE 100 down 75 at 5,374. 0835: London has opened sharply lower with banks, other financial stocks and property companies all suffering on talk of more potential bank failures in the US. Barclays, HBOS and Royal Bank of Scotland (LSE: 91ID.L - news) are all lower, though Wolseley (LSE: WOS.L - news) , which is heavily exposed to the US housing market, is the worst performer. Next, Smith & Nephew and Drax lead the risers.FTSE 100 down 59 at 5,931.
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