FTSE falls off a cliff: Friday's round-up report from the London Stock Exchange

The FTSE 100 fell off a cliff again today in a miserable ending to a week the City will wish to forget. The benchmark index plummeted 333.70 to 3980.1, a level not tested since July 2003, leaving blue-chips down nearly 20 per cent on the week. Trading screens were awash with red, with no top-flight stocks remaining in positive territory. Latest from the London Stock Exchange Volumes were much lower today, amplifying the effects of the sell-off. It was taken as evidence that many investors have already cut their losses and run, liquidating their assets earlier in the week. Traders noted the price changes were largely derivatives and not stocks-led. Reflecting the extent of the panic, banking shares were briefly suspended in early trading. HBOS, the last two days' biggest winner, claimed the dubious honour of being today's... [read full story]