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Capita woes drag down FTSE 100 FTSE 100 eases back from earlier losses
(about 5 hours later)
(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. (Close): London's FTSE 100 eased back from a fall of more than 1% to close down by 0.34% at 6,895.8 points.
Capita shares sank a further 4.9% after falling 27% on Thursday because of a profit warning. Capita was for the second day the biggest faller, ending 4% lower - having sunk 27% on Thursday after a profit warning.
By lunchtime, the benchmark FTSE 100 index was down 78.58 points at 6,840.84. Banks recovered from heavy falls after speculative reports that troubled Deutsche Bank's US fine may be reduced.
Banks were also hit, in London and elsewhere in Europe, as Deutsche Bank's woes spread contagion to the sector. Barclays ended 0.3% up and Royal Bank of Scotland was 0.96% better.
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fall 4.6% in Frankfurt as fears grew about its financial health, after it emerged that a number of hedge funds had withdrawn funds. Oil prices, boosted this week in the wake of hopes of an Opec agreement to cut output, made further gains.
Among UK banks, Barclays slid 3.3% and Lloyds tumbled 2.8%. Brent crude rose 0.18% to $49.99 a barrel, and US crude was trading 0.5% up at $48.05.
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. On the currency markets, the pound was up 0.29% against the dollar at $1.3005 and up 0.20% against the euro at €1.1578.
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 0.05% against the dollar at $1.2961 and up 0.49% against the euro at €1.1612.