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FTSE 100 lifted by bank shares | FTSE 100 lifted by bank shares |
(about 4 hours later) | |
(Noon): Banking stocks helped to lift the London market and oil stocks were also higher as the price of crude rose above $50 a barrel again. | |
Shortly before midday, the FTSE 100 index was up 26.37 points at 6,218.30. | |
Among the banks, Standard Chartered shares rose 3.5%, Barclays climbed 2.7% and RBS was 2.2% higher. | |
The price of Brent crude rose above $50 a barrel before slipping back, with markets keeping a close eye on the latest meeting of Opec oil producers. | |
Shares in oil giant BP rose 1.2% while rival Royal Dutch Shell added 1.1%. | |
Top riser in the FTSE 100 was Johnson Matthey, up 3.6%, The company, which makes catalysts for car emission-control devices, reported a 5% drop in full-year profits, but forecast better results for the coming year. | |
Shares in plumbing supplies firm Wolseley fell a further 1.3%. Its shares had dropped 5.5% on Wednesday after it reported slowing revenue growth. | |
In the FTSE 250 shares in Moneysupermarket fell by 6% after investment bank Jefferies cut its rating on the stock to hold from buy. | |
On the currency markets, the pound rose 0.2% against the dollar to $1.4440, and was unchanged against the euro at €1.2888. |