A weak opening on Wall Street put paid to hopes of a positive session in London, as the Footsie surrendered an initial 70-point start to close more than 2.4 per cent lower, or 94.03 points at 3780.96.

The decline came despite a positive session for mining stocks and a number of the beleaguered banking firms.

The Footsie started the week at 4233, but heavy losses in four of the five sessions have caused alarm in the City. Analysts are braced for further falls next week as the top flight index looks set to test the 2003 bear market lows of around 3300.

Pharmaceutical stocks took their turn at the top of the fallers' board, led by AstraZeneca after a drop of 9 per cent, or 214p, to 2245p. GlaxoSmithKline was down 80p to 1072p, while Shire fell 581/2p to 838p, a drop of 7 per cent.

Market heavyweight Vodafone also put the market under pressure after shares dropped by 93/8p to 1121/2p.

One of the few positives came from the mining sector after a pause in the recent fall in metal prices helped a number of stocks reverse recent heavy losses.

Among risers in the volatile sector, Antofagasta cheered 11 per cent, or 353/4p, to 3543/4p and Anglo American added 78p to 1132p.

Banks spent a rare session away from the top of the fallers' board after investors speculated that Barclays will gain enough support for its £7bn fundraising plan at a special meeting of shareholders on Monday. Barclays added 4 per cent, or 51/2p, to 1331/4p after the heavyweight stock slumped to its lowest level since 1994 earlier in the week. Royal Bank of Scotland, which received backing for its bail-out scheme on Thursday, was up by 13/8p to 473/8p.

One of the biggest gains outside the top flight came from Currys owner DSG International after analysts at Credit Suisse said that the market may have overstated fears over the financial position of the stock.

Shares have slumped in recent months but were up 21/4p to 13p after reports also said the government was considering measures to help companies affected by the withdrawal of credit insurance.

There was no such respite for Woolworths as shares continued to fall, this time 5/8p to 13/8p.

The latest slump reflected speculation that the company's lenders were unwilling to back the £1 sale of the retail arm to restructuring firm Hilco.

Hilco is well known in UK retail circles after acquiring fashion chain MK One earlier this year and subsequently placing the company into administration.

Elsewhere in the retail sector, B&Q owner Kingfisher advanced 5 per cent, or 53/4p, to 1085/8p but Marks & Spencer gave back some of Thursday's gains to stand 21/4p lower at 2041/4p.

The biggest Footsie risers were Vedanta Resources up 621/4p to 450p, Antofagasta, Anglo American, and BHP Billiton which advanced 45p to 7971/2p.

The biggest fallers were AstraZeneca, Hammerson off 45p to 480p, Old Mutual slipped 37/8p to 45p, and Vodafone.