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FTSE 100 up 2.2% as rebound continues | |
(about 4 hours later) | |
(Midday): The London market rose more than 2.2% in afternoon trading on Monday after Tokyo posted its biggest one-day rise since late 2008. | |
The FTSE 100 index rose 128 points to 5,835, adding to a 3% gain on Friday. | |
Household products maker Reckitt Benckiser was one of the top risers, up 6.1%, after posting better than expected annual results. | |
That increase puts the shares on track for their biggest one-day rise since October 2013. | That increase puts the shares on track for their biggest one-day rise since October 2013. |
Bernstein analyst Andrew Wood said: "These were a phenomenal set of results. RB blew away consensus on every major metric." | |
British Airways owner IAG was another top riser, adding 4.6% to 502p. | British Airways owner IAG was another top riser, adding 4.6% to 502p. |
Mining companies led the fallers, with Fresnillo shedding 2.9% and Randgold Resources shedding 2.7%. | |
Shane Oliver, head of investment strategy at AMP Capital Investors in Sydney, said: "Shares have become oversold again and due for at least a bounce which may now be getting under way. But with global growth worries remaining, it's still premature to say that shares have bottomed." | Shane Oliver, head of investment strategy at AMP Capital Investors in Sydney, said: "Shares have become oversold again and due for at least a bounce which may now be getting under way. But with global growth worries remaining, it's still premature to say that shares have bottomed." |
The FTSE was still 7% lower than it was at the start of the year and about a fifth below last April's record high despite a rebound over the last two sessions. | |
Share markets in Frankfurt and Paris also enjoyed strong rises on Monday, adding 3% and 3.6% respectively. | |
After double-digit rises on Friday, Brent crude fell 0.8% at $33.08, while US light crude was down 1% to $29.14. | After double-digit rises on Friday, Brent crude fell 0.8% at $33.08, while US light crude was down 1% to $29.14. |
On the currency markets, the pound was up 0.5% against the euro at €1.2951 but flat against the dollar at $1.44990. | On the currency markets, the pound was up 0.5% against the euro at €1.2951 but flat against the dollar at $1.44990. |