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FTSE 100 boosted by miners and banks FTSE 100 boosted by miners and banks
(about 4 hours later)
London's main share index rose on Wednesday, lifted by miners and banks. London's main share index rose on Wednesday, lifted by shares in miners and banks.
In early trading, the benchmark FTSE 100 index was up 0.88% at 6,839.71, with Antofagasta and Rio Tinto the top gainers. By midday, the benchmark FTSE 100 index was up 1.6% at 6,889, with Rio Tinto and RBS the top gainers. That's the highest level in nearly a month.
Banks were also among the biggest risers on hopes that a rescue package for Italy's Monte Dei Paschi may emerge. Banks were boosted by hopes that a rescue package for Italy's Monte Dei Paschi may emerge.
Reuters reported that Italy was preparing to take a €2bn stake in the country's oldest bank.Reuters reported that Italy was preparing to take a €2bn stake in the country's oldest bank.
On the currency markets, the pound fell 0.39% against the dollar to $1.2629, and dropped 0.58% against the euro to €1.1763. "There is general Christmas cheer in the markets after the Dow Jones struck another record high on Tuesday," said Kathleen Brooks from City Index.
"This is helping to boost risk sentiment overall. The markets are still banking on a big US [growth] upswing under Trump, and also more stimulus from the ECB, which leaves equity markets in a sweet spot as we head into the end of the year," she added.
On the currency markets, the pound fell 0.67% against the dollar to $1.2593, and dropped 0.73% against the euro to €1.1746.
That followed a surprise fall in UK manufacturing which analysts said could dent fourth quarter growth figures.