Afternoon markets: FTSE fails to repeat rally

The FTSE 100 index closed slightly lower at the end of the afternoon as markets failed to repeat the previous trading session’s surge.

The index dropped 0.29% to 5,489, failing to repeat the central bank action-inspired rally yesterday.

Engineer IMI was the biggest faller, dropping 4.9% to 759p at the close of trading. It was joined at the bottom by Lloyds Banking Group, which saw its share price drop by 3.3% to 24p.

Interdealer broker ICAP saw its share price down 3.1% to 344.3p, miner Lonmin also slipped 3.1% to 1,037p, as Royal Bank of Scotland Group fell 2.1% to 20.55p.

Life insurance consolidator Resolution was the biggest riser climbing 3.9% higher to 244.7p, luxury goods company Burberry rose 3% to 1,308p, as International Consolidated Airlines Group added 2.8% to its share price of 151.6p.

B&Q owner Kingfisher closed 2.2% higher at 261.3p, while testing company Intertek Group also climbed 2.2% higher to 1,966p.

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