FTSE down 70 points

A downgrade of Spanish banks fuelled eurozone debt fears and capped the worst week for London's leading shares index for nine months.

The FTSE 100 Index was 70.8 points lower at 5267.6 after Moody's Investor Service cut the credit ratings of 16 Spanish lenders, including the UK arm of Banco Santander.

The downgrade, which hit bank shares in the UK, with Lloyds down 6%, came amid fears that the crisis will spread from Greece to Spain's beleaguered banking system.