Partly Cloudy

Partly Cloudy

max temp: 21°C

min temp: 17°C

ESTD 1874 Search

UK: FTSE 100 steadies after bank rescue

11:30 04 August 2014

Bank of Portugal governor Carlos Costa speaks at the Bank of Portugal headquarters in Lisbon, Portugal Sunday, Aug. 3, 2014. Portuguese authorities provided  4.9 billion euros ($6.6 billion) in an emergency rescue to prevent the collapse of ailing bank Banco Espirito Santo, one of the eurozone country

Bank of Portugal governor Carlos Costa speaks at the Bank of Portugal headquarters in Lisbon, Portugal Sunday, Aug. 3, 2014. Portuguese authorities provided 4.9 billion euros ($6.6 billion) in an emergency rescue to prevent the collapse of ailing bank Banco Espirito Santo, one of the eurozone country's oldest and biggest financial institutions.

A rescue of Portugal’s troubled lender Banco Espirito Santo ensured markets steadied today after the turmoil for investors at the end of last week.

shares

The group will be lent 4.9 billion euros (£3.9 billion) from the country’s bailout fund, with its assets split into separate good and bad bank operations.

The resolution helped shore up confidence after a turbulent few sessions in which political and economic events triggered a correction for world markets.

The FTSE 100 Index was 17.5 points higher at 6696.5, having slumped by as much as 100 points on Friday before US jobs data ensured the top flight finished down by a more respectable 50 points.

The Portuguese rescue ensured banking stocks were on a firmer footing, with Lloyds Banking Group up 0.5p to 73.8p and Royal Bank of Scotland unchanged at 349.7p. Risk-driven stocks were on the front foot with commodities giant Glencore up 4.3p to 360.5p and Rio Tinto up 26.25p to 3380.75p.

In corporate news, shares in insurer esure were 1% higher after it posted a “solid” set of half-year results, with pre-tax profits up 0.4% to £57.1 million despite the impact of downward pressure on car insurance premiums. The stock lifted 1.8p to 259p.

shares

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

The Birketts Tour de Wellbeing cycle team, from left, Matthew Potter, Ben Burt, Jolyon Berry (front) Greg Jones and Tom Shape.

Members of the employment team at regional law firm Birketts raised more than £1,000 for Breast Cancer Care by taking part in the Tour de Wellbeing virtual cycle race, held by EMCOR UK to coincide with the Tour de France.

The head office of BT, the BT Centre, in Newgate Street, central London.

Thousands of BT workers are to share in a £265million payout under share-related savings schemes which will see some employees making gains of more than £54,000.

A plane in Flybe's latest purple livery.

Regional airline Flybe has confirmed its 2015-16 winter schedule to and from Stansted.

Lloyds has added £1.4billion to its bill for compensating customers mis-sold payment protection insurance.

State-backed Lloyds Banking Group’s provision for payment protection insurance mis-selling has topped £13billion after it yesterday took another £1.4billion hit over the scandal.

A computer-generated image of how the Sizewell complex will look after construction of Sizewell C.

Development of Sizewell C took a huge step forward today as the companies were announced that will build its sister nuclear power station in Somerset.

Gary Allen, operations manager,  with Diane Allen and Graham Allen at Ipswich-based Ajax Domestic Spares which is celebratiing 40 years in business.

Ajax Domestic Spares has marked 40 years in business in style by launching a new showroom in Foxhall Road, Ipswich.

The Great House restaurant with rooms in Lavenham.

An award-winning Suffolk restaurant has gained another accolade after being ranked the 26th best in the country.

Gavin Patterson, chief executive of BT.

Photo: BT

BT is to pay out up to £129million to extend the Government-led roll-out of superfast broadband, after a bigger-than-expected take-up of the service.

Centrica has reignited controversy over high energy bills by announcing a 44% increase in first half profits at its British Gas retail division.

Energy giants Royal Dutch Shell and Centrica today revealed plans to axe a total of more than 12,000 jobs.

The Willis building in Ipswich.

Around 200 people are to lose their jobs at the Ipswich office of global insurance broker and risk management group Willis.

Most read

Most commented

Topic pages