Banks give FTSE firm start
The London market overcame fears of a weak start today as the FTSE 100 Index pushed ahead on the back of firmer banking shares.
Analysts had expected the Footsie to open lower following another disappointing session for the Dow Jones Industrial Average.
But those fears proved unfounded as the blue-chip index rose by as much 34 points in the first hour before settling back to stand 13.7 points ahead at 3607 by 9am.
Banks were holding firm after weakness in recent sessions, with Royal Bank of Scotland helping the mood after a solid set of annual results figures.
RBS was 4p stronger at 1403p while Barclays lifted 4.25p to 354.25p, Alliance & Leicester gained 4p to 770p and Abbey National cheered 2p to 380p.
Oil stocks also recovered some ground after yesterday’s falls – BP up 3.75p at 405.75p while Shell gained a penny to reach 357.5p.
But there was disappointment for Legal & General investors as the group unveiled a 7% drop in operating profits and announced plans to reduce bonuses.
Shares fell 2.25p to 68.25p but other insurers gained with Prudential 2.25p higher at 335.25p.
Outside the Footsie, Pizza Express was 35p higher at 366.5p after agreeing a £263m (€385m) takeover deal with former chairman Luke Johnson.
