Afternoon markets: Falling FTSE tempers Monday's euphoria

The FTSE is down 2% at 5278.76 points as traders continue taking profits, paring back the benchmark's extraordinary 5.2% jump yesterday.

European markets are also falling. France's Cac 40 is down 1.5% and Germany's Dax is off 0.6%. American markets started rising early in their day, but by 3pm London time, the Dow Jones was 0.6% lower at 10,725.66 points. In London, Randgold Resources rose most sharply, by 2.5% to £57.20 as metals rose almost unanimously. Gold is up 1.8% to $1209 (£816) per ounce. BT Group continued this morning's gains by rising 1.6% to 118.1p off the back of broker upgrades yesterday. Imperial Tobacco also rose, by 0.7% to £18.26. Some stocks, however, are retreating from significant gains y...