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FTSE 100 rallies on banking stocks
Wednesday 28th January 2009, 9:21AM GMT.
The FTSE 100 broke through the 4,200 barrier this morning as banking stocks rose again.
By 08:36 GMT, the index was up 1.57 per cent, or 65.997 points, to 4,260.38, led by a resurgent Lloyds Banking Group.
The bank rose 19.97 per cent by 08:24, to 80.50p, while Barclays and Royal Bank of Scotland followed with an 8.44 per cent and 7.64 per cent rise respectively.
Wolseley, the construction supplier, also recovered this morning, rising 5.22 per cent by 08:30 GMT.
Mining stocks were still in the red, however, as recession fears continued to weigh on the sector.
Vedanta Resources fell 9.92 per cent, while Xstrata dropped 6.2 per cent and Rio Tinto declined 4.64 per cent.
The recovery in banking stocks has also helped ease fears over the cost of a bailout, strengthening sterling against the dollar.
The pound rose 1.8 per cent to $1.4242 yesterday, the highest level in a week.
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