FTSE 100 rises in early trading

FTSE 100 rises in early trading

The FTSE 100 rose strongly in early trading as investors returned to the markets after the May Day bank holiday, rising 2.03 per cent to 4,329.33 by 08:40 BST.
Tesco shares tumble by 15% on poor Christmas trading results

Tesco shares fell sharply after minimal growth in sales and profit over Christmas. Tesco boss Philip Clarke admitted that his firm had been outgunned by rivals.

Tuesday, 06 January 2009 09:00

An optimistic outlook from retailer Next has helped the FTSE 100 extend its rally in early trading.

By 09:00 GMT the index was up almost six points to 4,585.55, on a previous close of 4,579.64.

Next shares climbed 5.87 per cent after the group said it is on track to meet its full-year profit expectations, while hedge fund Man Group rose 5.52 per cent and Friends Provident was up 4.22 per cent.

Banking stocks fell in early trading, with Lloyds TSB down 2.31 per cent and Royal Bank of Scotland down 1.91 per cent.

Overnight, the Dow Jones closed 0.91 per cent lower, while in Asia, Japan's Nikkei 225 rose by 0.42 per cent and Hong Kong's Hang Seng was 0.35 per cent lower.