FTSE 100 up 5% at lunch
FTSE 100 up 5% at lunch
Wednesday 29th October 2008
The FTSE 100 was up over five per cent at lunch today – as confidence returned to the markets ahead of another round of global interest rate cuts.At 12:27 GMT the index was up 204.07 points – or 5.20 per cent – to 4,130.45.
Insurers Old Mutual and Aviva led the charge – both up over 27 per cent – while Standard Chartered rose over 20 per cent.
Friends Provident was down 10.77 per cent – standing out as the only major loser.
Ryan Kneale, at BetsForTraders.com, said: "Following huge rallies in the US and Asia in the early hours, the European markets seem to be a little more subdued.
"This would indicate that what we have seen so far is just a bounce back and not the start of the aggressive recovery many were hoping for."
He added focus now falls on the US and the Federal Reserve's decision on interest rates.
However, Mr Kneale warned with interest rates falling so low, the US authorities will be left with little room to manoeuvre over future crises.
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