Financial News

LONDON (ShareCast) - 1525: Footsie (news) is now posting triple-digit losses as resource stocks weigh on lower commodity prices. Xstrata (LSE: XTA.L - news) is the heaviest faller in the mining sector, while oil services group Petrofac (LSE: PFC.L - news) suffers in line with crude prices. Hedge fund group Man Group (LSE: EMG.L - news) is the heaviest faller. FTSE 100 down 110 at 5,090.

1440: Footsie has drifted back again as miners and financial stocks continue to weigh. Miner Xstrata is the heaviest faller amid commodity price weakness. Insurer Prudential is in the bottom 10 after reporting a fall in UK sales over the third quarter. FTSE 100 down 92 at 5,108.

1400: Footsie remains firmly in the red after a lower start on Wall Street. Miner Xstrata is still the heaviest faller on weak metals prices, and insurer Prudential is in the bottom 10 after reporting a fall in UK sales over the third quarter. Elsewhere in insurance, Friends Provident leads the risers. FTSE 100 down 70 at 5,130.

1250: Footsie has recovered slightly after a morning of steadily drifting lower, but remains firmly in the red. Miner Xstrata is still the heaviest faller on weak metals prices, and insurer Prudential is in the bottom 10 after reporting a fall in UK sales over the third quarter. Defensively-oriented stocks, such as Tesco (LSE: TSCO.L - news) and Morrisons are among the modest risers. FTSE 100 down 75 at 5,125.

1200: Drug giant Glaxo posted revenues of £6.76bn in the third quarter, a 3% rise from the same period a year ago at constant exchange rates, and said further growth was expected in the fourth quarter.

1055: Only eight stocks are posting gains now as Footsie continues drifting lower. The miner Xstrata is now the heaviest faller, joined lower by peers such as Lonmin (LSE: LMI.L - news) and Kazakhmys (LSE: KAZ.L - news) . Insurer Prudential is in the bottom 10 after reporting a fall in UK sales over the third quarter. FTSE 100 down 95 at 5,106.

1005: Footsie has drifted lower still, with financial and mining stocks among the heaviest fallers. Insurer Prudential is in the bottom 10 after reporting a fall in UK sales over the third quarter. Mining stocks Kazakhmys, Lonmin and Vedanta fall back. FTSE 100 down 71 at 5,129.

0910: Footsie has drifted further into the red, led lower by RBS (LSE: RBS.L - news) amid concerns over possible European Commission plans to break up banks. Among today's risers is drug group GlaxoSmithKline (LSE: GSK.L - news) , which is due to release third quarter results later today. FTSE 100 down 62 at 5,138.

0820: London's blue chips have opened lower as investors consider a slew of big corporate announcements and rumours surrounding the British banking sector. The European Commission is expected to approve plans to break up and sell Northern Rock (LSE: GB0001452795.L - news) , according to press reports. Among the blue chips updating the market today were BG Group (LSE: BG.L - news) , Prudential and Carpetright (LSE: CPR.L - news) . FTSE 100 is down 33 points at 5,168.