Morning Markets: Banks and miners weigh on FTSE

The FTSE 100 plunged sharply in morning trading, as banks and mining stocks dragged the index down.

The index dropped more than 25 points (0.50%) to 5,056.90. Lloyds banking group fell 3.34% to 99p as Alistair Darling pledged afresh to cut down on bank bonuses. Kazakhmys shares dropped 3.13% to £10.22 after the price of commodities fell back. Wolseley headed up the winners table, adding 6.42% to £13.93. Despite the building supplies specialist recording losses in excess of £1bn last year, the company reported underlying profits ahead of forecasts. Pharmaceuticals also performed well, with AstraZeneca up 1.56% to £27.94 after the US appeal court upheld the company's infringement c...