Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.
(Sharecast News) - London's FTSE 100 was down 2% at 7,719.33 in afternoon trade on Friday.
Banks were under the cosh, tracking a sector selloff on Wall Street that was triggered after tech-focused bank SVB Financial announced plans to raise more than $2bn in capital to help offset losses on bond sales.
HSBC, Barclays, Standard Chartered and Lloyds all fell sharply.
Russ Mould, investment director at AJ Bell, said: "Lots of banks hold large portfolios of bonds and rising interest rates make these less valuable - the SVB situation is a reminder that many institutions are sitting on large unrealised losses on their fixed-income holdings."
Insurer Admiral was also in the red after a downgrade to 'hold' at Deutsche Bank.
Going the other way, utilities were among the top performers, with National Grid, SSE and Severn Trent all higher.
FTSE 100 - Risers
Fresnillo (FRES) 729.00p 2.30%
Endeavour Mining (EDV) 1,648.00p 1.48%
National Grid (NG.) 1,054.00p 1.01%
SSE (SSE) 1,735.50p 0.55%
BT Group (BT.A) 148.05p 0.51%
London Stock Exchange Group (LSEG) 7,398.00p 0.16%
Severn Trent (SVT) 2,763.00p -0.32%
Centrica (CNA) 105.85p -0.33%
BAE Systems (BA.) 931.00p -0.45%
Berkeley Group Holdings (The) (BKG) 4,016.00p -0.50%
FTSE 100 - Fallers
HSBC Holdings (HSBA) 583.20p -6.10%
Barclays (BARC) 154.16p -5.67%
Ocado Group (OCDO) 456.00p -5.51%
Rolls-Royce Holdings (RR.) 149.46p -5.43%
Hargreaves Lansdown (HL.) 792.60p -5.10%
Admiral Group (ADM) 1,884.50p -4.94%
Standard Chartered (STAN) 737.20p -4.88%
Lloyds Banking Group (LLOY) 49.00p -4.77%
Legal & General Group (LGEN) 251.00p -4.64%
Prudential (PRU) 1,220.50p -4.61%
