Insurers and banks suffer as Footsie falls
Concerns about the UK insurance sector and continued Wall Street weakness have pushed the FTSE 100 Index down 34.9 points to 3590.4.
Only a handful of stocks are in positive territory as traders prepare for another difficult session for Wall Street markets this afternoon.
Persistent war worries drove the Dow Jones Industrial Average almost 2% lower last night and immediately put the London market on the back foot.
Friends Provident tops the fallers board - down 10% or 8.5p at 79.5p - and putting it in line for a new all-time closing low. The decline comes after the company cut bonus rates and warned its plans for dividend growth could be under threat.
Other insurers on the slide include Royal & Sun Alliance, which eased 3.25p to 67.75p, Legal & General down 1.25p at 69.75p and Prudential off 12.75p at 319p. Norwich Union-owner Aviva was also hit, falling 6.5p to 388p.
