FTSE recovering from yesterday's losses
Respite from record oil prices helped the London market regain some of last night’s losses today.
Investors also shrugged off concerns over the Bank of England decision to increase interest rates by a quarter-point as the Footsie lifted 16.6 points higher to 4424.7 by mid-morning.
The progress came despite flat trading in New York yesterday, where relief over easing oil prices and surprisingly strong economic data was offset by disappointing earnings from the technology sector.
In London, Barclays set the pace for the top flight as the UK banking giant added to the recent trend for positive updates in the banking sector.
Shares in the group rose 8.75p to 478.75p after investors cheered a record half-year and profits progress within all areas of the business.
All other major banking stocks were in positive territory with Lloyds TSB rising 1.75p to 414.5p and Abbey National up 7.75p to 583p.
However, insurer Friends Provident was off half a penny to 129.5p despite unveiling a 25% surge in first-half profits.
The easing in the oil price, coupled with yesterday’s positive update on passenger numbers, helped British Airways lift 5.75p to 230.5p.
Outside the top flight, online travel business lastminute.com fell 2p to 124p after saying it planned to cut 350 jobs as part of a drive to reduce costs by 10% in the next financial year.
