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The FTSE 100 rose on opening by 0.25 per cent to 5634.90 at 9:29 to start the week.

After an initial spike, the index settled to a slow start with banks taking the greatest hit.

HBOS was down 3.19 per cent to 273.25p, while Barclays fell 2.27 per cent to 301.25p.

Property also took a hit, with Land Securities down 3.14 per cent, British Land down 2.42 per cent and Wolseley down 2.24 per cent.

Outside the top 100 firms, Taylor Wimpy fell 4.30 per cent, Bellway was down 4.29 per cent, Barratt Developments slid 3.99 per cent and Bovis Homes slipped 3.70 per cent.

Meanwhile, the biggest gain on the FTSE 100 was seen by pharma firm Shire – up 4.39 per cent – after Goldman Sachs upgraded the company to buy from neutral.

Miners are also helping to prop up the FTSE 100.

Anglo American rose 2.3 per cent, Eurasian was up 1.93 per cent and Xstrata rose 1.69 per cent. BG Group was up 2.11 per cent.

In Europe, the CAC 40 was up 0.32 per cent and the Dax was up 0.35 per cent.

Sterling fell 0.44 per cent to $1.9665, but rose 0.22 per cent to €1.26650. The pound was also up slightly against the yen to 211.815 yen.