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| FTSE rebounds as Rolls-Royce surges | FTSE rebounds as Rolls-Royce surges |
| (about 4 hours later) | |
| (Noon): London's leading shares rose 1.77% in Friday morning trading, rallying after Thursday's big losses. | |
| By lunchtime, the benchmark FTSE 100 was up 98.16 points at 5,635.13. | |
| On Thursday, the index fell 2.4%, while US and European markets also posted sharp declines amid continued anxiety about the state of the global economy. | On Thursday, the index fell 2.4%, while US and European markets also posted sharp declines amid continued anxiety about the state of the global economy. |
| Friday's biggest gains came from aero-engine giant Rolls-Royce, which added 16%. | |
| Investors were relieved after the firm announced annual profits of £1.35bn, although it added that it would be cutting its dividend by 50%. | Investors were relieved after the firm announced annual profits of £1.35bn, although it added that it would be cutting its dividend by 50%. |
| Share indexes in Frankfurt and Paris also rebounded by more than 1%. | Share indexes in Frankfurt and Paris also rebounded by more than 1%. |
| On the commodities markets, Brent crude was up 4.9% at $31.52, while US light crude rose 4.8% to $27.47. | |
| On the currency markets, the pound was up 0.84% against the euro at €1.2892. | |
| The currency was also 0.48% higher against the dollar at $1.4546. |