FTSE 100 rises 0.6 per cent led by financials in early trade
FTSE 100 rises 0.6 per cent led by financials in early trade
Wednesday 10th February 2010
Britain's leading share index, the FTSE 100, rose by 0.6 per cent in early trade, up by 33.13 points.Financials led the gainers on the hope of Europe's leaders finding conclusions to the eurozone debt, with Lloyds Banking Group adding 3.73 per cent, and Barclays adding 2.91 per cent by 10:15 GMT.
The blue-chip gainers also saw insurers Aviva and Legal and General Group add 5.69 and 3.56 per cent respectively.
As plans of a Greek rescue were rumoured, public sector workers in Greece launched a nationwide strike in protest at government measures to tackle the country's huge budget deficit.
IHS Global Insight chief European & UK economist Howard Archer said of the Greek crisis: "Eurozone equity markets have suffered substantial sell-offs, while the euro retreated to a near nine-month low under $1.36 in early February, compared to a high of US$1.5145 in late-November (although this, at least, is actually a welcome development for eurozone growth prospects).
"Investor concerns are being heightened by the perception that the eurozone has not got contingency measures in place to deal with a country in Greece's position and at real risk of defaulting. Indeed, the Maastricht rules contain a "no bail out" clause, which was aimed at ensuring that a member country's budgetary problems could not spill over and damage the credit rating of the eurozone as a whole.
"However, there is belief that the eurozone could get round this by invoking Article 122 of the Lisbon Treaty, which allows European Union financial assistance to be given to a member country in difficulties."
The FTSE 100 fallers were led by Autonomy Corporation this morning, which lost 5.28 per cent, followed by Royal Dutch Shell and GlaxoSmithKline which lost 1.29 per cent and 0.98 per cent respectively.
Related News
Chief executive of Financial Services Authority Hector Sants resigns - 10/02/10
Hector Sants has resigned as chief executive of the Financial Services Authority, it has been confirmed
Hector Sants has resigned as chief executive of the Financial Services Authority, it has been confirmed
Miners dominate gains as FTSE 100 finishes up slightly - 09/02/10
The FSTE 100 ended Tuesday up slightly with the mining sector dominating the gains
The FSTE 100 ended Tuesday up slightly with the mining sector dominating the gains
Government gives green-light to TV product placement - 09/02/10
Product placement is to be permitted on UK television programmes, the government has confirmed after a three-month consultation
Product placement is to be permitted on UK television programmes, the government has confirmed after a three-month consultation
Taxpayer contribution towards financial stability 'truly staggering' - 09/02/10
The extent of taxpayer support towards maintaining financial stability in the UK has been "truly staggering", an influential committee of MPs has said
The extent of taxpayer support towards maintaining financial stability in the UK has been "truly staggering", an influential committee of MPs has said
FTSE 100 continues steady progress - 09/02/10
The FTSE 100 continued its steady progress to the week on Tuesday opening up almost half a per cent
The FTSE 100 continued its steady progress to the week on Tuesday opening up almost half a per cent
News Article Search
Quick Apply
News Archive