FTSE 100 dips after opening
FTSE 100 falls slightly after Friday's record rally
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Monday, 22, Sep 2008 09:11
The FTSE 100 has fallen slightly from last week's record gain to 5,271.62 as banking stocks dipped in early trading.
By 08:48 BST, HSBC shares were down 4.24 per cent, shares in Lloyds TSB fell 3.94 per cent and HBOS was down by 3.93 per cent.
However, mining and insurance stocks were making strong gains on the blue chip index, with Eurasian Natural Resources up 27.4 per cent to 662p, Prudential up 23.46 per cent and Legal & General 23.13 per cent higher.
Although so far the FTSE is showing none of the sharp falls or rises that characterised last week's trading, investors will be watching today to see if Friday's spike was a one-off or a sign of better things to come.
By the close of markets on Friday, the UK's benchmark index had surged a record 431.3 points, or 8.8 per cent, to 5,311.3.
In the US, the Dow Jones also climbed 368 points to 11388.4, while in Hong Kong the Hang Seng index opened up 541.29 points or 2.80 per cent at 19,869.02.