Footsie set to close ahead
The FTSE 100 Index was on course to close ahead for the first time in a week today after a return to form by heavyweight banking stocks.
Barclays was among those on the front foot as it recovered some of the ground lost following its gloomy trading statement on Monday.
The European Central Bank’s decision to shave a half percentage point from interest rates in the eurozone also lifted traders’ spirits in the City.
And by lunchtime the Footsie was up 39.8 points at 4088.4 as it crept back towards its high point of the day so far – 4109.9.
The top flight index has fallen for four successive sessions since testing the psychological 4200 barrier a week ago.
City experts said the ECB’s cut was likely to boost confidence as it should help to generate a higher demand in Europe for UK exports.
Signs of a positive start to trading on Wall Street later this afternoon was also helping to encourage investors off the sidelines.
