Energy stocks lift FTSE 100 above 3,500
Monday 9th March 2009, 5:33PM GMT.
A rally in energy stocks helped boost the FTSE 100 to close above the 3,500 mark at 3,542.40 despite hitting new six-year lows earlier in the day.
The FTSE 100 touched 3,460.71 in the morning session, the lowest since 2003, as financial stocks dragged the index lower.
Concerns over high street banks grew this morning, after news Lloyds Banking Group had given up a controlling stake in the business to the government.
Over the day, Barclays fell by 5.25 per cent and HSBC dropped by 3.26 per cent.
Although Lloyds Banking lost over ten per cent in trading earlier in the day, the group recovered to rise 4.05 per cent to 43.70p.
However, a rally in energy stocks helped boost the index to end higher.
Tullow Oil rose 7.89 per cent over the day, while BP was up 5.86 per cent and Royal Dutch Shell jumped 2.79 per cent.
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