FTSE rise not enough to prevent worst annual performance
Post-Christmas cheer continued on the London market today, but is not set to prevent the FTSE 100 Index from clocking up its worst ever annual performance.
Banks were among those making advances in the last session of the year – a positive end to a disastrous 12 months for UK blue chips.
The Footsie added 50.2 points to 4442.9 by the mid-session, although this still puts the top flight on course for an annual plunge of more than 30%, which is its biggest fall since launch 24 years ago.
Royal Bank of Scotland and Barclays were 1.5p up at 49.7p and 4.2p ahead at 153.2p respectively.
Mobile phone giant Vodafone joined them on the risers board for the final shortened session, which closes at 12.30pm.
The heavily weighted stock rose 4p to 140.1p after Credit Suisse issued a “trading buy” on the telecoms group.
The only corporate update of the session came from the FTSE 250 Index after Aberdeen Asset Management said it would buy parts of Credit Suisse’s fund management business in a deal worth up to £250m (€258m).
The move, which is expected to be completed by the end of June, will give Credit Suisse a 25% stake in Aberdeen. Investors backed the deal as Aberdeen shares rose by 20% or 20.75p to 125p.
