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Banks and miners drag down FTSE 100 Capita woes drag down FTSE 100
(about 4 hours later)
(Open): London's leading shares fell 1.27% in early Friday trading, with no risers, while banks and miners led the downward trend. (Noon): London's leading shares fell 1.14% in Friday morning trading, with outsourcing firm Capita bearing the brunt for the second day in a row.
In the opening minutes, the benchmark FTSE 100 index dropped 88.21 points to 6,831.21. Capita shares sank a further 4.9% after falling 27% on Thursday because of a profit warning.
Among the mining firms, Anglo American shed 3.3%, while Antofagasta slipped 2.6%. By lunchtime, the benchmark FTSE 100 index was down 78.58 points at 6,840.84.
Barclays, Lloyds and RBS rounded out the top five losers' list, falling 3.2%, 2.9% and 2.7% respectively. Banks were also hit, in London and elsewhere in Europe, as Deutsche Bank's woes spread contagion to the sector.
In fact, banking shares fell sharply in all major European markets as Deutsche Bank's woes deepened. The German lender saw its share price fall 4.6% in Frankfurt as fears grew about its financial health, after it emerged that a number of hedge funds had withdrawn funds.
The German lender saw its share price fall more than 7% as fears grew about its financial health, after it emerged that a number of hedge funds had withdrawn funds. Among UK banks, Barclays slid 3.3% and Lloyds tumbled 2.8%.
Earlier in the week, the market had surged on the back of oil price rises in the wake of an Opec agreement to cut output.Earlier in the week, the market had surged on the back of oil price rises in the wake of an Opec agreement to cut output.
But on Friday, the price of oil took a tumble, with Brent crude down 1.2% to $49.22 a barrel and US crude trading 1.1% lower at $47.30. But on Friday, the price of oil took a tumble, with Brent crude down 1.2% to $49.23 a barrel and US crude trading 1% lower at $47.37.
On the currency markets, the pound was down 0.12% against the dollar at $1.2952 and steady against the euro at €1.1555. On the currency markets, the pound was down 0.05% against the dollar at $1.2961 and up 0.49% against the euro at €1.1612.