The London Stock exchange fell as low as 4058.73 yesterday, eventually closing 1.7 percent lower-down 70.61 points at 4096.40.
Banks were the main contributor to the falling shares on the FTSE, with Barclays down 5 percent after on reports that Citigroup and Bank of America will need billions of dollars of new capital.
The Royal Bank of Scotland fell 1.6 pence to 32.7 pence and Lloyds Banking Group was down 4.9 pence to 95.6 pence.
Renewed fears over economic growth and the decline in copper, other metals and oil led to a sell-off in mining stocks in London, all down between 6 percent and 8 percent. Xstrata fell 36.5 pence to 563.5 pence, Rio Tinto fell 168 pence to 25.18 pounds and Anglo American was down 79 pence to 13.42 pence.
The biggest riser was undoubtedly GlaxoSmithKline, which rose 2.3 percent to 10.48 pounds, as concerns about swine flu cause investors to expect demand of the Relenza flu vaccine.
"World markets need a shot in the arm and talk of a global pandemic is a huge concern to the economy," Chris Hossain, senior sales manager at ODL Securities, told the Telegraph.
Banks were the main contributor to the falling shares on the FTSE, with Barclays down 5 percent after on reports that Citigroup and Bank of America will need billions of dollars of new capital.
The Royal Bank of Scotland fell 1.6 pence to 32.7 pence and Lloyds Banking Group was down 4.9 pence to 95.6 pence.
Renewed fears over economic growth and the decline in copper, other metals and oil led to a sell-off in mining stocks in London, all down between 6 percent and 8 percent. Xstrata fell 36.5 pence to 563.5 pence, Rio Tinto fell 168 pence to 25.18 pounds and Anglo American was down 79 pence to 13.42 pence.
The biggest riser was undoubtedly GlaxoSmithKline, which rose 2.3 percent to 10.48 pounds, as concerns about swine flu cause investors to expect demand of the Relenza flu vaccine.
"World markets need a shot in the arm and talk of a global pandemic is a huge concern to the economy," Chris Hossain, senior sales manager at ODL Securities, told the Telegraph.
