Afternoon markets: RBS nosedives 68%

Early morning gains in financials were lost this afternoon as the sector sank 10.78%, dragging the F...

Early morning gains in financials were lost this afternoon as the sector sank 10.78%, dragging the FTSE 100 down 27.26 points (0.66%) to 4,119.80. Hardest hit was RBS which nosedived 23.70 points (68.30%) to 11.00 having revealed it anticipated unprecedented losses to be announced next month while the Government looks to take a 70% stake in the bank, effectively nationalising it. Fears for further nationlisation impacted Barclays which shed 9.70 points (9.90%) to 88.30 having headed up the gainers this morning. Lloyds TSB, HSBC and Standard Chartered joined the duo in the top five bige...