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FTSE 100 closes down; RBS top faller

Published: 18:09 26 Jun 2012 BST

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Britain's FTSE 100 closed down 0.07 per cent down at 5,446 today, with RBS its biggest loser.

Shares in the banking giant closed the day down 3.84 per cent, at 227.7 pence as the fallout from its technical glitch continued.

Late on Tuesday, RBS said it had cleared the five day backlog resulting from an IT glitch, but it was reported that Ulster bank customers still had problems.

Lloyds (LON:LLOY) shares were also down 1.04 per cent, while another bank Barclays (LON:BARC) closed the day 0.95 per cent down, at 192.4 pence.

As eurozone issues persist, investors today also preferred to stay on the sidelines amid caution ahead of the upcoming EU summit. 

That meeting is to take place in Brussels on Thursday and Friday to discuss the debt crisis, however it is widely expected that the summit will not result in any significant breakthroughs in Europe’s efforts to resolve its fiscal problems.

European leaders will discuss plans for a tighter fiscal union, which would give EU regulators more powers and involve issuing common euro area bonds.

In the meantime, ratings giant Moody’s announced another round of downgrades, slashing the ratings of 28 Spanish banks, while Cyprus has officially asked for a bailout, becoming the fifth member of the euro zone to do so.

Mining companies did help to curb losses, however. Anglo American (LON:AAL) closed the day up 1.24 pct, at 2,034.5, while Vedanta (LON:VED) was up 0.51 pct, at 881.5 pence.

Notable FTSE movers were Shire (LON:SHP), which closed up 3.16 pct, at 1,798 pence and Croda (LON:CRDA), which ended the day 2.73 per cent up, at 2,183 pence.

 

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