FTSE 100 closes higher

FTSE 100 up after quantitative easing

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Thursday, 06, Aug 2009 05:24

The FTSE 100 rose 0.93 per cent to close at 4,666.60, after a decision from the Bank of England to expand quantitative easing.

The index hit 4728.66 by 13:44 BST following the Bank of England's decision to pump a further £50 billion into the economy.

Although the blue-chip index fell back slightly later in the afternoon, the FTSE 100 still ended 43.4 points higher.

Lloyds Banking Group led the rally, rising 12.34 per cent to 104.7p, followed by Royal Bank of Scotland, up by 9.75 per cent, and British Land Group, up by 6.98 per cent.

Defensive stocks and commodities continued to lag behind, however, with Severn Trent down by 4.45 per cent, Antofagasta down by 3.78 per cent and United Utilities trading 3.22 per cent lower.

Over in the US, stock markets had slipped into the red going into afternoon trading.

The Dow Jones was down by 0.32 per cent, while the S&P 500 was off by 0.27 per cent.