FTSE 100 makes gains on mining stocks
Wednesday 11th February 2009, 5:01PM GMT.
The FTSE 100 has closed slightly higher after a day of volatile trading as a weakness in banking stocks was offset by gains in the mining sector.
Closing 21.18 points up, at 4,234.26, the UK’s leading share index ended higher after yesterday’s slump but remained under the 4,300 mark.
Reckitt Benckiser, which met fourth quarter profit expectations today, made the biggest gains on the index and was trading 8.16 per cent higher over the day.
Mining firms Randgold and Kazakhmys followed closely, up 7.83 per cent and 4.81 per cent respectively.
However, several banking groups, under the spotlight today amid a row about bonuses and their part in the credit crisis, saw shares dip.
Lloyds Banking Group shares fell 7.9 per cent, while shares in Barclays dropped 4.32 per cent.
Ryan Kneale, market analyst BetsForTraders.com, said: “The proposed US bailout is dragging on and until a definite decision has been reached we expect the markets to be range bound with many traders currently watching from the sidelines.”
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