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Banks drive losses on FTSE 100

30th January 2012

The UK's blue chip index fell below 5,700 in trading so far today (January 30th) on the back of a number of reductions for some of the UK's largest financial bodies.

A drop of 43 points has been seen in early trading, with the FTSE 100 now standing at 5,690.30 - a fall of 0.8 per cent. Drops for Lloyds Banking Group, Barclays and HSBC were the main reasons for this downturn.

"After some relief in the markets last week we are now back in the gloom as investors fear the worst in the eurozone," Mike McCudden, head of retail derivatives at Interactive Investor, told the Financial Times.

Earlier this month, the Daily Telegraph revealed the index had pushed above the 5,700-mark for the first time since November last year after investors showed renewed optimism that the crisis seen in the eurozone could be tackled at last.

Energy companies led the drive, with Essar Energy, Vedanta Resources and BP all showing significant gains.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.