The FTSE 100 closed at its highest level since May 2008 yesterday as investors continued to snap up cyclical names, including the UK's semi state-owned banks.
The blue-chip index rose 0.74% to 6,098 and surpassed its 2011 peak of 6,091 seen in February. Among the winners were Lloyds Banking Group, up 4.94% at 53.27p, as well as peer Royal Bank of Scotland which was 3.83% firmer at 349.90p. The banks helped counter falls at insurer Aviva - down 2.15% at 373.70p after an earlier fall of 2.5% amid fears over its dividend - as well as at Imperial Tobacco which was off 1.4% at £24.39 early in the afternoon but since regained some ground. The UK's leading index has enjoyed a boost since late December, rising about 4%. It has been helped hig...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes