So it turned out to be a dead cat bounce after all. A mini-revival yesterday was brought to a grinding halt today as credit crunch worries resurfaced.
After a 170 point fall on the FTSE 100 on Monday, and a 105 point climb yesterday, the bears have had the upper hand again today. By the close the index had fallen 155.6 points to 6070.9.
The losses came across the board, not just among the banks for a change. However, almost inevitably, Northern Rock took the wooden spoon, down another 12.5%.
Other notable losers included Standard Life - down 13.2p to 232.75p compared to its 230p flotation price last year - and Next. The retail group fell 103p to £17.48 on worries about Christmas trading. News that 25m bank details have gone missing is going to do little for consumer confidence, following the Northern Rock debacle. Groups like Debenhams and Bhs are already advertising sales and major reductions.
Another high street name Woolworths fell to a new low, down 1.25p to 15p. Perhaps not the best day for it to host a box at the England-Croatia match tonight.
