IT was a disappointing end to the week for shares as the FTSE 100 Index shed more than 3% on Friday. The UK market has lost over 6% this week, with financial stocks particularly weak.

Investors shunned risky assets in the wake of sustained selling in the US where there are growing fears that the government may have to nationalise several financial institutions.

Gold prices, often used as a store of value in uncertain times, advanced towards EUR1,000 a troy ounce - despite nearing EUR700 back in November.

Royal Bank of Scotland has hired financial advisers to assist in the sale of its Asian assets to help bolster its balance sheet. This follows the sale of its stake in Bank of China, which netted over pounds 2bn. However, this did not stop the group's shares falling over 8%.

Banks are not the only institutions selling off their Asian assets.

Prudential agreed to sell its Taiwan business to China Life Insurance.

The UK life assurer also reported an encouraging trading update under the shroud of uncertainty clouding the sector at present. The group's sales rose 5% to just over pounds 3bn in 2008 and several analysts commented on the group's good capital position. Prudential was the largest riser in the FTSE after a x% increase in its share price.

The mining sector was under pressure as Anglo American announced its intention to scrap its dividend and shed a further 9,000 jobs. Miners have been in difficulties because of the effects of tumbling commodity prices on their profits.

Industrial metal prices have fallen around 60% since July of last year.

Xstrata, Kazakhmys and Rio Tinto were also amongst the worst losers.

Only seven stocks were up among the UK's 100 largest listed companies, and Newcastle's accountancy software group Sage was one of them.

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