FTSE stable despite financial turmoil

The FTSE 100 stood at 5325.70 at 09:06 BST this morning, up 0.10 per cent despite further negative news from the UK financial sector.

While Northern Rock – which is no longer listed on the exchange following privatisation – reported losses of over £500 million, this has failed to shake confidence.

Instead, strong results from Legal & General have buoyed the market, with the insurer leading gains – up 7.35 per cent to 103.7 pence a share.

ITV also saw shares rise 2.30 per cent to 45.80 pence.

British Airways – following merger rumours with Iberia and a potential deal with American Airlines – has also benefited from early morning optimism, up 13.25 per cent to 286 pence a share.

Retails Kingfisher, which owns B&Q, and Next also saw early gains, up 4.46 and 4.37 per cent respectively.

On the flip side of the coin, miners saw some early losses.

Ferrexpo was down 14.25 pence or 5.31 pence, while Eurasian was down over seven per cent.

Tullow Oil was also down 5.21 per cent.

However, despite early morning gains the index remains well below the year high of 6730.70, and only marginally ahead of the annual low of 5150.60.