markets

Henderson's Bill McQuaker on why the market has sold off

Updated: The FTSE dropped more than 3% in the first six minutes of trade on Friday as it tracked US and Asian markets sharply lower amid the ongoing global sell-off.

Markets have remained down this afternoon as the negative reaction to European bank stress tests continue to drag on the FTSE 100.

The FTSE 100 was down in early trading as ongoing uncertainty about the Greek bailout hit markets and sent the euro lower against the dollar.

The FTSE 100 fell towards the 6,000 mark mid-afternoon as weaker than expected US jobs data combined with a sell-off in commodities to weigh on shares.

Updated at 14.30: London's FTSE has stormed through the 6,000 barrier to hit 6026, up 2.2%, as strong corporate earnings and a new record high for gold prices triggered a European rally.

US markets opened higher this afternoon after shaking off losses sparked by yesterday's surprise Standard & Poor's downgrade of the outlook for US debt.

Trading in London was restarted at 12.15 after being suspended this morning following ‘technical glitches' on the LSE, the exchange says.

London's leading share index was boosted this morning by a two-year high on Wall Street, following robust earnings reports and positive economic data.

National IFA Cavanagh Group has confirmed it has entered into preliminary discussions that could lead to the company being taken over.