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The FTSE 100 dropped 0.83 per cent in the first hour of trading today.

At 9:09 BST the index stood at 5,432.10, losing the margin gains made yesterday after losses recorded earlier in the week.

Few gains are so far recorded – with Sage Group up 0.84 per cent, Lloyds TSB rising 0.82 per cent and Next climbing 0.76 per cent.

John Wood Group and Tullow Oil were both up 0.55 per cent.

Marks & Spencer continued its falls – down 6.25 per cent - while construction supplier Wolseley dropped 4.58 per cent.

British Airways was down 3.83 per cent, Friends Provident fell 3.05 per cent and Schroders NV was down 2.79 per cent.

Outside the top 100 shares, Bradford & Bingley led the losses – down 9.02 per cent – after it announced its investment plans had been scuppered.