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END-OF-DAY REPORT: Headline shares performed a remarkable turnaround today. Having started with heavy losses on concerns over Dubai, by the close the main index showed strong gains, with RBS leading the recovery.
At the close of play, the FTSE100 was up 51.6 points at 5,245.73 with the FTSE250 ahead 151.02 points at 9,031.54 and the FTSE Smallcaps 17.01 points better at 2,730.32.
NEW YORK
US stocks were down sharply as traders returned from Thanksgiving to face the fallout from news of Dubai debt problems.
As London closed, the Dow Jones Industrial was down 140 points at 10,324, with the S&P500 off 15 points at 1,096 and the Nasdaq Composite 25 points lower at to 2,151.
LONDON MARKETS
Morning trade in London was dominated by the Dubai debt crisis, with financial issues under early pressure as exposure to Dubai World was scrutinised. However, as the session progressed, banks and miners staged a strong recovery and traders looked for bargains after yesterday's heavy losses.
Among the banks today, Royal Bank of Scotland overcame an early downturn after revealing it has now signed up to the Government's Asset Protection Scheme. The group has signed an acquisition and contingent capital agreement under which it has agreed to issue 25.5bn of new capital to the Treasury, lifting Government ownership to around 84%. RBS shares added 1.73p at 34.73p, heading the leaderboard.
Barclays recovered to trade 6.75p higher at 297.85p, HSBC ticked up 0.7p at 706.3p and Standard Chartered gained 6p at 1,520p.
Shares in British banks rose on the FTSE 100 in morning trading following positive news on the Greek debt crisis.
Unite, the union, has gone to international unions, in its attempts to bring the...
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