FTSE 100 up 1%

FTSE 100 up 1%

Thursday 20th August 2009

Financial stocks led the FTSE 100 higher in early trade, on renewed economic optimism.

A surge in oil prices boosted markets across the world, while Lloyd's Banking Group's decision to keep Cheltenham & Gloucester branches temporarily open also helped shares rise on the FTSE 100.

The index rose 1.01 per cent to 4,737.05 by 09:20 BST, with Royal Bank of Scotland topping the list of risers, up by 3.16 per cent.

Lloyds Banking Group was also trading higher, up 2.82 per cent, while Legal & General was up by 2.75 per cent.

Mining stocks were among the gainers, with Antofagasta up by 2.99 per cent and Vedanta Resources up by 2.69 per cent.

Few stocks were in the red, but drinks giant Diageo was down by 0.95 per cent, followed by Capita Group, down by 0.83 per cent.

Over in the US, the Dow Jones was up by 0.66 per cent, while the S&P 500 closed 0.69 per cent higher.

Overnight, Asian markets bounced back from recent lows.

In Japan, the Nikkei 225 was up by 1.76 per cent, while Hong Kong's hang Seng index was up by 1.88 per cent. ADNFCR-1783-ID-19321594-ADNFCR

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