FTSE 100 rises on financials
Wednesday 18th March 2009, 9:21AM GMT.
The FTSE 100 hovered above last night’s closing price in early trading as a slump in Rio Tinto shares offset gains in other sectors.
The index climbed 26.64 points to 3,883.74 by 08:58 GMT, led by a 5.46 per cent rise in insurer Old Mutual.
Financial stocks were rising in early trading, with Barclays up 3.83 per cent and Legal & General up 3.7 per cent.
But concern over Rio Tinto’s deal to sell off a significant stake to Chinalco has sent the mining firm’s shares down by 4.84 per cent by 09:00 GMT.
Yesterday’s rally on US markets, as the Dow Jones gained 2.48 per cent and the S&P 500 rose 3.21 per cent, may reassure investors today.
However, unemployment figures this morning will be watched carefully and may lead to further sell-offs.
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