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FTSE 100 lifted by bank shares FTSE 100 lifted by bank shares
(about 4 hours later)
(Open): Banking stocks helped to lift the London market, with the FTSE 100 up 16.90 points at 6,208.83. (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.
Standard Chartered led the way, rising 2.4%, while shares in Barclays and RBS were both up by about 1.4%. Shortly before midday, the FTSE 100 index was up 26.37 points at 6,218.30.
Shares in plumbing supplies firm Wolseley fell a further 2%. Its shares had dropped 5.5% on Wednesday after it reported slowing revenue growth. Among the banks, Standard Chartered shares rose 3.5%, Barclays climbed 2.7% and RBS was 2.2% higher.
Marks and Spencer, National Grid and Taylor Wimpey were all lower after their shares went ex-dividend. 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.
In the FTSE 250 shares in Moneysupermarket fell by more than 7% after investment bank Jefferies cut its rating on the stock to hold from buy. Shares in oil giant BP rose 1.2% while rival Royal Dutch Shell added 1.1%.
On the currency markets, the pound rose 0.2% against the dollar to $1.4449, but slipped 0,1% against the euro to €1.2873. 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.