Economics / Markets

The FTSE 100 recorded its highest closing level since November 1 today, finishing the week up 69.3 points (1.07%) to 6554.9.

Housebuilders are setting a very solid foundation for the FTSE 100 this morning, leading the index to a 57.8 points (0.89%) jump, to 6543.4.

News of a cut in interest rates has failed to prevent the FTSE 100 from dropping this afternoon, the index slipping 18 points, or 0.28%, to 6,475.8.

An anticipated base rate cut and positive profits news from the Royal Bank of Scotland have seen the FTSE climb and the bank soar to the top of the index winners list.

Homebuilding firm Taylor Wimpey led the FTSE at the close of trading on Wednesday, helping the index climb 178.6 points to 6493.8.

The FTSE100 had a strong start to the day, up 1.28% to 6,396.20, powered by good numbers from mining companies and housebuilders.

The FTSE 100 fell 53.8 points (0.84%) to 6,332.8 as banking shares continued to slide over fears the UK economy is beginning to slow.

The FTSE fell 0.72%, or 46.5 points, to 6386p this afternoon as Northern Rock continued its slide after Virgin Money's advertising agency resigned, in what The Telegraph reports as a blow to Richard Branson's bid for the bank.

MANAGERS of equity funds invested in continental Europe are bullish on the region's economic fundamentals, though they expect to see further market volatility in the short term, according to Standard & Poor's Fund Services.

The FTSE dropped 0.29%, or 18.9 points, to 6413.6p this morning following reports that Chancellor Alistair Darling wants Northern Rock to consider bids from parties other than Virgin. The bank fell 5.17%, or 6.1 points, to 111.9p this morning.