FTSE ends week lower

The FTSE 100 fell 0.4 per cent during trading on Friday, taking it 1.2 per cent lower for the week.

According to Reuters, the benchmark index slid due to fears over the effects of banking regulations that have been put forward in Basel.

This resulted in Royal Bank of Scotland, Barclays, HSBC, Standard Chartered and Lloyds Banking Group all declining, with drops of up to 4.7 per cent being seen.

Gains were recorded by a number of mining stocks - including BHP Billiton, Vedanta Resources, Kazakhmys and Randgold Resources - while there was also strength in defensives, as Diageo and Imperial Tobacco both finished higher.

Market analyst for City Index Nick Serff said that markets were down across the globe ahead of the forthcoming holiday season.

’Banks shares continued to be the main drag on the FTSE 100 throughout the day,’ he said, adding that the rules that have been put forward could place tighter controls on the risk exposure of banks.ADNFCR-2318-ID-19521785-ADNFCR