Economics / Markets

A late rally led by the strong energy and mining sectors drove the FTSE 100 higher this afternoon, closing Wednesday 48.90 points (0.81%) ahead to 6083.60.

Banks are taking a beating in London this morning, but the FTSE 100 is once again being kept afloat by strong miners. The index is up 16.10 points (0.27%) 6050.80 so far.

In London, market closed down after a rights issue by RBS affected a number of UK banks and the FTSE 100 lost 28.40 (0.47%) to 6,024.6.

The RBS rights issue details and subsequent slide has smashed the financials sector in morning trading, sending the FTSE 100 8.50 points (0.14%) lower to 6044.50.

The FTSE100 had a choppy start to the week rising to almost 6090 before 8.00am but then falling to 6059.70, just above the level at which it closed on Friday.

The FTSE100 closed the week above the 6,000 mark for the first time in February which should help boost investor confidence in troubled times.

The FTSE100 has just risen over the 6,000 mark, up 31.80 at 6012.20, despite a poor showing from financials in early trading.

A positive opening on the FTSE failed to see out the day, with the index slipping 65.8 points, or 1.09%, to 5,980 at the close of play.

HBOS has shot to the top of the FTSE winner's table after Goldman Sachs reportedly said it was the only bank whose shares were worth buying in the current climate.

A strong opening surge on Wall Street propelled an already buoyant FTSE 100 this afternoon, closing 139.30 points (2.36%) higher to 6046.20.