FTSE 100 rallies on banks
FTSE 100 rallies on banks
Tuesday 3rd March 2009
The FTSE 100 has rallied after yesterday’s losses, rising to 3,657.89 by 08:28 GMT.Banking stocks recovered from yesterday’s slump, with Standard Chartered rising 5.28 per cent to 618p, while HSBC was up by 5.1 per cent to 419p.
However, many stocks on the index were trading lower, led by Xstrata. The mining firm saw its shares dip by 42.77 per cent to 344.25p.
Xstrata saw its cash call approved last night by shareholders, but not before many investors expressed their disapproval of a deal to sell one of its mines to Glencore.
Overnight, the US Dow Jones closed below 7,000 for first time since May 1997 after AIG announced the biggest loss in corporate history.
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