London Finance Report – July 9, 2010

The FTSE 100 rebounded on Wednesday after losses earlier in the week, breaking the 5000 mark. The index climbed on Thursday by over 1.8 percent to fifty – one zero five at market close.

After reports of a new bid vehicle that will seek to buy British banking assets, bank shares on the FTSE 100 rose with the Royal Bank of Scotland rising by over 3.5 percent.

Associated British Foods also rose on the FTSE 100,by almost one point five percent, closing at nine pounds ninety five pence per share on Thursday, ahead of its third quarter trading statement. The firm’s profits have increased, helped by higher sales at Primark, its discount clothing store.

London investors continue to back BP as it rose by over 1.3 percent closing at three pounds and sixty seven pence on Thursday. BP shares have risen for the fourth day in a row, the longest winning streak since the Gulf of Mexico oil spill. This was after BP CEO Tony Hayward met with the Abu Dhabi Investment Authority in hopes of fresh investments.

Foto: NTDTV