London equities collapsed on Friday, left vulnerable after a dramatic late sell-off in New York extended the sustained losing streak on world stock markets. Banking stocks once more faced heavy selling as confidence in the international financial system continued to drain away, taking the market to fresh five-year lows. The FTSE 100 sank 429 points to 3,884.6, a loss of 10 per cent taking it to levels last seen in May 2003. But it came back off opening lows to stand 4.8 per cent weaker at 4,095.0, a loss of 217 points. The benchmark index gave up 53 points over the previous session in an afternoon surrender which wiped out an attempt at a recovery. Before the start of trade on Friday, the London index stood 666½ points lower on the week, a loss over four consecutive sessions of 13.4 per cent. The pattern was similar across...
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