In a stormy session for the markets, it had to take something out of this world to see a stock end in the blue. Fortunately for investors in Inmarsat, that’s exactly what they got.

The satellite communications company was one of yesterday’s few bright spots after it announced the successful launch of its third Inmarsat4 satellite, concluding a decade of development and a $1.5 billion (£750 million) investment. The company’s first two satellites deliver mobile broadband services to 85 per cent of the world’s landmass, covering 95 per cent of the world’s population, with the latest launch giving the group’s broadband services complete global coverage.

The satellite, which is the size of a double-decker bus and weighs six tonnes, was launched on Tuesday morning in Kazakhstan. It will undergo several weeks of comprehensive tests and manoeuvres before being positioned in geostationary orbit at 98º West, giving Inmarsat the only fully funded next-generation network for mobile satellite services. Its shares rose 10¼p to 498¼p.

Overall, the FTSE 100 fell 129.8 points to 5,320.4, dragged lower by banks, hit in turn by fears of a full-scale bailout for Fannie Mae and Freddie Mac, the American mortgage giants, and speculation of more losses from Lehman Brothers. Comments from Kenneth Rogoff, the former International Monetary Fund chief economist, that a large US bank could collapse in the next few months added to worries that the global financial crisis could get even worse. HBOS was hit worst, down 22p to 277½p. Royal Bank of Scotland fell 13½p to 215p and Barclays was 18½p lower at 324¼p. Yet Wolseley, the world’s largest plumbing and building materials supplier, whose shares had rallied in recent weeks amid hopes of an American disposal, was the index’s biggest faller, down 36¾p to 389½p.

Blue-chip risers were few and far between, but Cadbury put on 3p to 616½p after analysts at Sanford Bernstein reiterated their “outperform” rating on the confectionery group.

Capital & Regional, the property investment company, fell 13¼p to 162p, but it is likely to rise this morning following an after hours announcement that it had exchanged contracts with an investment fund managed by Apollo Real Estate Advisors for the formation of a joint venture for its German portfolio. Under the terms of the joint venture, Apollo will aquire approximately half of C&R’s equity investment in the German portfolio for a cash consideration of €65.6 million (£52 million). The deal, which has been in the offing for weeks, is likely to be well received as it represents a much lower writedown on the asset than many had expected. The company’s fund valuations fell but were mainly in line with forecasts.

Cattles, the consumer lender, fell 9½p to 113p amid fears that the Financial Services Authority may not grant it a banking licence. The company hopes to begin accepting deposits from the end of the year. It has given Newcastle Building Society a five-year contract to provide a savings platform for its retail banking brand.

- New York: Stocks fell by more than 1 per cent as financial shares were hit by renewed credit worries and a report showing that inflation remains a threat. The Dow Jones industrial average fell 130.80 points to close at 11,348.50.

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