FTSE 100 climbs on US hopes
Wednesday 1st October 2008, 9:51AM BST.
The FTSE 100 opened 1.36 per cent higher this morning at 4,941.49 and has been making steady gains in early trading.
Assurances from the US government that the financial rescue plan will be pushed ahead, despite a rebellion from Congress, has reassured investors.
By 09:08 BST, hedge fund Man Group had jumped 10.23 per cent after double-digit falls earlier this week.
Shares in miner Xstrata were also higher, up 9.73 per cent to 1,883p on an announcement the company has dropped its takeover bid for rival Lonmin, which fell by as much as 30 per cent by 08:33 BST.
Insurers Legal & General shares dipped by 2.7 per cent and Friends Provident fell by 2.44 per cent by 09:16 BST.
The Dow Jones bounced back yesterday after falling a record 777 points on Monday.
The index gained 485 points, making up for much of the losses of the previous day of trading.
Asian markets were also boosted by the news, with Japan’s Nikkei 225 index up 1.24 per cent to 11,399.60 by the end of the morning session.
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