Energy stocks pull back FTSE 100
Wednesday 11th March 2009, 9:05AM GMT.
The FTSE 100 fell back slightly in early trading after yesterday’s surge, with energy stocks offsetting a rally in financials.
Barclays, which saw shares tumble earlier this week, rose 10.37 per cent to 74.50p, while insurer Legal & General Group climbed by 5.99 per cent to 28.30p by 08:37 GMT.
Royal Bank of Scotland was also hovering above the 20p level, rising 3.81 per cent to 21.80p.
However, HSBC continued to slump, falling 8.15 per cent ahead of a £13.6 billion rights issue, while energy stocks dipped amid a drop in crude oil prices.
Cairn Energy was down by 4.28 per cent, while Tullow Oil fell 2.4 per cent.
Overnight, US markets soared after Citigroup said it was profitable in the first two months in 2009, cheering worried investors.
The Dow Jones finished 5.8 per cent up, while the S&P 500 closed 7.07 per cent higher.
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