FTSE 100 up 2.4% on banks
Wednesday 28th January 2009, 5:27PM GMT.
The FTSE 100 jumped 2.4 per cent as the banking sector rallied strongly in afternoon trading.
The blue-chip index convincingly smashed the 4,200 mark, ending the day on 4,295.20.
Lloyds Banking Group shares surged over 50 per cent after a note from a Citi analyst dismissing the likelihood of full nationalisation and recommending investors to buy.
The rise helped boost confidence in rivals Royal Bank of Scotland, up 35.67 per cent, and Barclays, up 18.89 per cent.
Both Barclays and Lloyds stocks are now worth over £1, while RBS is still languishing at 21.3p.
Mining stocks remained in the red, with Xstrata shedding 9.05 per cent to close at £6.23, while Vedanta dropped 1.65 per cent.
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