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Northern Rock Woes Dent Banking SectorThe FTSE 100 index fell by more than 50 points today as the Bank of England’s bailout of Northern Rock sent tremors through the banking sector. However, traders in the City said that the damage could have been far worse and added that the market was proving resilient to renewed fears about the effects of the credit crunch. After two hours, the FTSE 100 was off 53.1 points at 6,310.8, with Northern Rock down 24 per cent, or 155p, at 484p after a profit warning this morning. Barclays fell 17p to 598p and HBOS was 21p lower at 871p. &&&§ionName=Markets,mywindow,menubar=0,resizable=0,width=615,height=655); Related Links Northern Rock prices itself out of sub-prime Northern Rock at four-year low on credit fears Northern Rock falls on fears of profit warningOnly eight blue-chips were making gains, led by Cable & Wireless, up 3.3p at 177.6p. Tim Hughes, head of sales trading at IG Index, said: “We are down 50 points but it is nowhere near as bad as it could have been. “What has happened with Northern Rock is unprecedented, clearly, but it is not the biggest surprise in the world. “It is looking down the barrel of a gun and its business model has been exposed, but it would be far more worrying if a bigger bank needed help from the Bank of England.” Sentiment in the City was helped by a strong end to trading in the Far East, where the Nikkei index in Tokyo closed above 16,000 points for the first time in a week. Dealers said that Japanese investors were buoyed by speculation that the US Federal Reserve could cut its key federal funds rate by 25 basis points next Tuesday. The Nikkei 225 stock average closed up 306.23 points at 16,127.42. Tag CloudExternal InformationAdditional InformationHBOS sells Rightmove stake for £59.2 million...Microsoft, Trying to Avoid a European Fine, Defends Demand for Royalties... Hat Pin suspends shares and warns on profits... Bank of England Governor Mervyn King keeps his cool in crisis... Where Am I?News Main Page - Business - Northern Rock Woes Dent Banking Sector |
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