FTSE falls 2.4 percent by midday

By Dominic Lau, LONDON (Reuters) The top share index tumbled 2.4 percent by midday on Tuesday, with banks suffering after data showed house prices fell again in June and on concerns of more losses in the sector. By 11:22 a.m., the FTSE 100 was down 133.2 points at 5,492.7, giving up a 1.7-percent gain on Monday, and continuing to trade at levels last seen in mid-March. The benchmark index lost nearly 13 percent from January to June after five consecutive years of gains. The market gained 6.2 percent in January to June 2007. "We are in a bear market and quite frankly anything that can be trashed, they are trashing it, good or bad it doesn't matter. They are just selling everything today," a trader said. Oil shares also weighed heavily on the index following recent gains, despite crude prices trading near a record high above... [read full story]                    

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