Banks lead FTSE rally

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The FTSE 100 opened higher on Thursday following impressive overnight gains in New York.

At shortly after 8.30am, the index had risen to 4,204, having closed on 4,190 the previous day, after the Dow Jones finished Wednesday 168 points ahead. Banks lead the rally with Barclays shares up 7.41% to 19p and RBS Group up 6.52% to 2.4p. Financials were also among the biggest losers. General insurer Admiral Group and Standard Life fell 2.16% and 1.25% respectively. The positive performance came despite figures from Nationwide showing house prices fell 0.4% in April, reversing March's upward trend. IFAonline

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