FTSE 100 bounces back as Dubai slumps

Tuesday 1st December 2009

The FTSE 100 rebounded in style this morning despite markets in Dubai and Abu Dhabi recording significant drops for a second day running.

At 09:19 GMT the London index stood at 5,275.35, up 84.67 – 1.63 per cent.

Leading the gains were Eurasian Natural Resources Corp – up 4.82 per cent to 903p - and real estate firm Hammerson – up to 419.20p, a rise of 4.62 per cent.

The biggest drops were experienced by TUI Travel – down 0.20 per cent to 245.40p after its full-year results failed to live up to market expectations.

Lloyds Banking Group was also down to 55.11p.

In Dubai the chaos sparked by the request from the government's holding company Dubai World to delay payments of debts of £35 billion saw the stock market drop 6.25 per cent on opening today.

Neighbouring Abu Dhabi also saw its market slump by 5.9 per cent coming on the back of sharp drops yesterday. ADNFCR-1783-ID-19487621-ADNFCR

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