Global markets choppy as Libya turmoil continues

Continuing unrest in Libya has dragged global markets down, with London’s leading share index dropping back below the 6,000 mark reached yesterday afternoon.

The FTSE 100 was down 0.46% to 5,969.03 in early morning trading, shedding almost 28 points.

The best performing stocks were Barclays, up 1.10%, HSBC, up 0.79%, Royal Bank of Scotland, up 0.52%, Scottish and Southern Energy, rising 0.41%, and National Grid, up 0.36%.

ARM Holdings was the biggest loser, dropping 2.81%, followed by Rexam, down 2.38%. Reckitt Benckiser Group declined 2.10%, while Resolution dropped 1.59% and Petrofac was down 1.55%.

In the US, the Dow Jones plummeted 1.44% to 12,212.79 and the Nasdaq lost 2.74%, down to 2,756.42. The S&P 500 was down 2.05%, marking its worst one-day percentage drop since last August.

In Europe, Germany's Dax fell 0.05% to 7,318.35 while France's Cac 40 had also dropped 1.15% to 4,050.27.

Meanwhile in Asia, the Nikkei 225 dropped from its recent nine-and-a half-month high, as investors snatched profits off the table in light of continuing unrest in the Middle East. Japan's leading index dropped 1.78%, down to 10,664.7.

The price of Brent Crude Oil futures surged to $106.78 a barrel, up 1%, although copper declined 1.6%.