Lloyds Banking Group leads FSE 100 rise
Friday 6th March 2009, 9:20AM GMT.
Lloyds Banking Group led a rise in the FTSE 100 this morning, as the index rose to 3,536.74.
After yesterday’s slump, the index recovered slightly, as Lloyds Banking shares gained 7.2 per cent by 08:45 GMT on media reports the bank is close to a deal with the government to insure around £250 billion of toxic assets.
Mining stocks also rose on the blue-chip index, with Randgold Resources up 4.29 per cent and Rio Tinto rising 2.89 per cent.
Aviva continued to fall, however, after yesterday’s results worried investors. Shares in the UK’s largest insurer fell 5.63 per cent by 08:55 GMT to 179.20p.
Overnight, the US markets slumped to around 12-year lows as the Dow Jones closed 4.1 per cent down and the S&P 500 fell 4.3 per cent.
Investors are increasingly concerned about General Motors, which may yet go bankrupt despite government loans.
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