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Lloyds and Barratt boost FTSE 100 Lloyds surge bolsters FTSE 100
(about 4 hours later)
London's leading shares edged higher in early Wednesday trading, with Lloyds Bank and housebuilder Barratt the top gainers after posting big profit rises. London's leading shares edged higher in Wednesday morning trading, with Lloyds Bank the top gainer after posting its highest profit in a decade.
In the opening minutes, Lloyds added 3.8% after announcing that its profit for last year was up 158%. By lunchtime, Lloyds was 3.6% higher after announcing that its profit for last year was up 158%.
The figures were helped by a reduction in payment protection insurance provisions.The figures were helped by a reduction in payment protection insurance provisions.
Overall, the benchmark FTSE 100 index was up 11.87 points or 0.16% at 7,286.70. Overall, the benchmark FTSE 100 index was up 4.45 points or 0.06% at 7,279.28.
Housebuilder Barratt was the second-biggest riser, up 3.6% after unveiling an 8.8% rise in half-yearly profits. Housebuilder Barratt was another big riser, up 2% after unveiling an 8.8% rise in half-yearly profits.
The announcement lifted the sector, with rivals Persimmon and Taylor Wimpey both adding more than 1.2%. The announcement lifted the sector, with rivals Persimmon and Taylor Wimpey adding 0.5% and 0.9% respectively.
On the currency markets, the pound was 0.22% higher against the US dollar at $1.2501 and 0.38% up against the euro at 1.1885 euros. On the currency markets, the pound was 0.3% lower against the US dollar at $1.2435 and steady against the euro at 1.1842 euros.