FTSE 100 picks back up

Wednesday, 23 July 2008 12:00

The FTSE 100 rose 1.38 per cent in early trading, putting asides yesterday's doldrums.

The index was up 73.30 points to 5,438.10 at 9:32 - putting it on a par with Friday's rallying closing price.

The financial sector provided the fuel for the boost, with HBOS up 6.70 per cent and Royal Bank of Scotland rising 5.53 per cent.

Insurers Friends Provident and Prudential climbed 5.12 per cent and 4.54 per cent respectively.

The falling oil price helped British Airways rise 4.87 per cent.

Falling oil values - to $125 a barrel from a recent peak of $147 - saw commodity stocks come down.

Ferrexpo dropped 3.36 per cent, Lonmin fell 2.44 per cent and Anglo American was down 1.95 per cent.

Packaging firm Rexam fell 2.28 per cent and Enterprise Inns was down 1.84 per cent, after yesterday's disappointing results.

Outside the FTSE 100, construction saw some confidence return.

Taylor Wimpey was up 8.57 per cent, Barratt Developments rose 6.34 per cent and Berkeley Group was up 5.90 per cent.

Rises were also seen for Debenhams (up 8.02 per cent), Bradford & Bingley (up 7.01 per cent) and asset managers Bluebay (up 6.71 per cent).

Sterling was up against the dollar and the euro to $1.99375 and ?1.26460 0 making $1 worth £0.50145 and ?1 worth £0.78982.

Daniel Barnes

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