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| Standard Chartered weighs on FTSE 100 | Standard Chartered weighs on FTSE 100 |
| (about 4 hours later) | |
| (Noon): Standard Chartered was the biggest faller on the market, dropping 8.7% after the Asia-focused bank announced plans for a big rights issue. | |
| The bank said it aimed to raise $5.1bn through the rights issue and would cut 15,000 jobs by 2018. | The bank said it aimed to raise $5.1bn through the rights issue and would cut 15,000 jobs by 2018. |
| The news came as Standard Chartered announced a third-quarter pre-tax loss of $139m for the three months to September. | The news came as Standard Chartered announced a third-quarter pre-tax loss of $139m for the three months to September. |
| The FTSE 100 index was 4.54 points lower at 6,357.26. | |
| Shares in housebuilders fell after broker Liberum cut its ratings on a number of companies in the sector arguing valuations were "too optimistic". | |
| Taylor Wimpey fell 4%, Barratt Developments dropped 3.85% and Persimmon was 2.6% lower. | |
| Shares in Associated British Foods were down 0.7% after the company reported a fall in full-year profits. It said the negative impact of currency moves and falling sugar prices had offset continued growth in its Primark clothing chain. | |
| On the currency markets, the pound fell 0.2% against the dollar to $1.5389 but rose 0.3% against the euro to €1.4035. |