Market overview: Footsie in partial recovery
Tuesday 07 Oct 2008

1220: Footsie seems to have regained some of its early optimism and now sits firmly in the blue. It is still way of the highs reached in early dealings though and banks are still under the cosh, with RBS leading the slump. Analyst Standard and Poors cut its credit rating on the Edinburgh-based bank to A+/A-1 from AA-/A-1+. Drinks groups Diageo and SABMiller lead the risers. FTSE 100 up 50 at 4,639.

1135: Footsie is flat now after a volatile start which saw shares surge in early dealings but then slide into the red. Banks, especially RBS, are still heavily under the cosh. British Airways is also lower, not helped by the rally in crude prices. Miners, heavy fallers yesterday, are led higher by the Mexican silver miner Fresnillo, but spirits and Guinness group Diageo leads the way.

1020: Footsie has given up this morning's rally to slide into the red. Banks have tumbled on news that they are in talks with the government over possible funding. RBS is down more than 30%, while HBOS, Lloyds TSB and Barclays lose between 10 and 15% of their value. Miners are still prominent among the top risers, having slumped yesterday, but drinks firms Diageo and SAB Miller are setting the pace. FTSE 100 down 22 at 4,566.