Shock Dubai bailout sees FTSE 100 soar

Monday 14th December 2009

The FTSE 100 has started the week up over one per cent already on the news Dubai has received an unexpected bailout from Abu Dhabi.

AT 10:00 GMT the London index stood at 5,314.88, up 53.31 points.

The rise followed the announcement Abu Dhabi had agreed to provide Dubai with $10 billion in funds.

Dubai will use $4.1 billion (£2.5 billion) of the bailout to aid the government-owned Dubai World, which shocked the financial world when it announced it could not repay its debts for six months.

The London Stock Exchange Group led the gains in early trading on Monday, up almost seven per cent, to 743p.

Reckitt Benckiser Group was the biggest loser, down 0.88 per cent to 3,250p. ADNFCR-1783-ID-19510078-ADNFCR

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