FTSE 100 ends higher on banks, miners
Thursday 9th April 2009, 5:24PM BST.
The FTSE 100 ended 1.48 per cent higher on a banking and mining stocks rally but failed to pass the 4,000 barrier ahead of the Easter break.
Closing at 3,983.71, the UK’s leading share index broke a four-day losing streak, boosted by Vedanta Resources (up by 13 per cent) and Barclays (up by 12.48 per cent).
The banking sector benefited from further good news from the US, after Wells Fargo posted better-than expected results, while mining stocks were boosted by stronger metals prices.
The Bank of England’s decision to hold rates 0.5 per cent appeared to have little affect on the index, as investors were widely expecting the decision.
However, several defensive stocks were in the red, including Imperial Tobacco Group, which fell by 3.59 per cent, and Cadbury, down 3.36 per cent.
Investors returning over the break will be looking toward the UK bank reporting season, which is likely to have a significant effect on which direction the FTSE 100 takes next.
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