FTSE 100 boosted by hopes for US
Wednesday 25th February 2009, 9:07AM GMT.
The FTSE 100 has climbed 33 points after a rebound in US stocks boosted investors’ confidence.
By 08:43 GMT, the index had risen to 3,849.62, as investors took advantage of low prices across most stocks.
The rise was led by property group Hammerson, which rose 10.46 per cent to 343.25p, while Old Mutual jumped 6.7 per cent and Royal Bank of Scotland shares rose by 6.33 per cent.
Mining stocks Xstrata (up 5.77 per cent) and Kazakhmys (up 5.48 per cent) also benefited from an upturn in investor confidence.
In the US, the Dow Jones index closed 3.32 per cent higher, while the S&P 500 ended the day up 4.01 per cent.
Confidence in the markets was restored yesterday after Federal Reserve chairman Ben Bernanke reassured shareholders the government had no plans to nationalise the banks.
In Asia, Japan’s Nikkei 225 also closed higher on hopes for government intervention in the economy, ending 2.7 per cent higher and breaking a three-day losing streak.
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