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FTSE rebounds as Rolls-Royce surges FTSE rebounds as Rolls-Royce surges
(about 5 hours later)
(Noon): London's leading shares rose 1.77% in Friday morning trading, rallying after Thursday's big losses. (Close): London's leading share index has closed 3.06% higher, rallying after Thursday's big losses.
By lunchtime, the benchmark FTSE 100 was up 98.16 points at 5,635.13. By the close, the benchmark FTSE 100 was up 170.6 points, or 3%, at 5,707.6.
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%. Friday's biggest gains came from mining giant Anglo American after an uptick in base metals prices and an oil price rally.
Investors were relieved after the firm announced annual profits of £1.35bn, although it added that it would be cutting its dividend by 50%. Aerospace firm Rolls-Royce also saw big gains, rising 16% 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 2%.
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 commodities markets, Brent crude was up 9.3% at $32.86, while US light crude rose 12.0% to $29.36.
On the currency markets, the pound was up 0.84% against the euro at €1.2892. On the currency markets, the pound was up 0.74% against the euro at €1.2878.
The currency was also 0.48% higher against the dollar at $1.4546. The currency was also 0.15% lower against the dollar at $1.4454.