FTSE 100 rises 2.9% on US $1tn toxic asset clean-up
FTSE 100 rises 2.9% on US $1tn toxic asset clean-up
Monday 23rd March 2009
The FTSE 100 pushed towards the 4,000 mark today for the first time since February.The index saw positive movement on the announcement of the Obama administration's $1 trillion clear out of toxic assets, and gains in New York spurred London.
The FTSE 100 closed at 3,952.81 a rise of 109.96 points or 2.86 per cent.
At 12:43 EDT (16:43 GMT) the Dow Jones was up 4.31 per cent to 7,592.11, while the S&P 500 rose 4.41 per cent.
Ryan Kneale, market analyst at BetsForTraders.com, said: "The US banking rescue plan has provided the stimulus and traders have been quick to snap up all manner of stocks at near rock-bottom prices.
"Financial stocks are leading the way, with banks and insurers posting some hefty gains. Energy firms are also on the up as the price of crude oil continues to rise."
At close insurer Old Mutual rose 17.12 per cent, while Barclays was up 15.71 per cent to 121.50p and HSBC Holdings climbed 12.60 per cent.
Miners Rio Tinto and Lonmin rose 13.02 per cent and 11.92 per cent respectively.
Thomas Cook was down 2.42 per cent, while Centrica and National Grid fell 2.02 per cent and 1.55 per cent respectively.
Property group Hammerson lost 1.75 per cent.
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