Heavyweight banking stocks subdued the London market today after Lloyds TSB disappointed investors with a slide in profits.
The high street group reported an 8 per cent fall in full-year profits, with declines in its retail banking division and international business.
Lloyds also unveiled plans to cull 5,000 jobs and a higher provision for bad debts as shares slumped 341/2p at 740p - a 5 per cent fall.
A number of its rivals were also weighing on the market, and by lunchtime the FTSE 100 Index was in danger of ending the week under 5200 after dropping 5.7 points at 5203.0.
Wall Street failed to contribute much to sentiment, after profit-taking saw the Dow Jones Industrial Average end its session overnight just 12 points ahead. The Dow Jones passed the 10,000 mark, albeit just, but US trading today will be dominated by some key economic updates including producer prices.
Back in London, Barclays was another significant faller, losing 62p at £21.08. It posted full-year results yesterday, and unlike Lloyds recorded an improvement in profits but the figures were still below expectations.
Other high street names on the slide included Royal Bank of Scotland, down 24p at £17.76, HBOS, 21p weaker at 862p and Abbey National, 201/2p lower at £10.491/2.
PA