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FTSE ends 2.6 pct lower as banks, miners weigh

Tue Jul 1, 2008 9:38pm IST
 
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* FTSE 100 closes 2.6 pct down after touching 3-month low

* Banks slip on concerns about further writedowns

* Oils, miners retreat after recent gains

By Atul Prakash

LONDON, July 1 (Reuters) - Britain's blue-chip index ended sharply lower on Tuesday, with banks, led by Royal Bank of Scotland (RBS.L: Quote, Profile, Research), falling on worries about further losses in the sector, while oils and miners slipped after recent gains.

The FTSE 100 .FTSE finished 146 points, or 2.6 percent, down at 5,479.9 after touching its lowest level in more than three months. It gave up a 1.7 percent gain recorded on Monday.

The UK benchmark index has lost nearly 13 percent from January to June after five consecutive years of gains and compared with a 6.2 percent rise in the first half of 2007.

On Tuesday, banks suffered heavily after new figures showed Britain's manufacturing sector contracted in June at its sharpest pace since 2001, while house prices fell for an eighth straight month, darkening an already bleak economic outlook.  Continued...

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Commodities

Commodity Last Pct Chg Trade Date/Time
Oil 78.59 +3.52% 10/13 13:48 IST
Gold 864.9 +0.96% 10/13 13:57 IST