Broad-based selling hinders FTSE 100

A shift in investor confidence has resulted in broad-based selling on the FTSE 100 this morning (November 30th), with the index showing a loss as a result.

Standard & Poor has announced a change to its risk management model, resulting in some significant losses in markets by companies affected by a more stringent approach to funding risks.

One FTSE 100 leading share is Barclays and this fell by 2.1 per cent following the announcement. Other movers this morning include HSBC (down 1.4 per cent) and Lloyds Group (down 1.7 per cent).

In total, the index is down by 0.7 per cent so far today, with only ten stocks making marginal gains.

Earlier this week, the FTSE 100 saw a significant boost, pushing past the 5,200 mark after investors feared the market had fallen too low.

Action on the exchange was bolstered by rumours of a possible International Monetary Fund bailout for Italy, although the organisation later denied this was the case.