Around the World's Markets: LONDON

EQUITIES WERE hit by worries about hedge funds. The FTSE 100 slid 106.6 points to 5,061, and the mid and small cap indices descended to new lows for year.

Downgradings from analysts also took their toll. Glaxo Wellcome suffered a 90p hit to 1,708p as Goldman Sachs took the shares off its buy list. Centrica, the gas group, was a top performer, climbing 4p to a 121p closing peak on its electricity expansion and prospects for gas exports.

Derek Pain, page 21