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Financials prop up FTSE

The FTSE 100 opened 10 points higher today at 3,910 with financials gaining after a strong performance from US banking stocks on Wall Street.

By 10.55am, the index was 3,908 buoyed by financials after Man Group, the world’s largest listed hedge fund delivered its trading update, predicting a positive outlook for the industry.

Despite forecasting an expected fall in pre-tax profit to £0.83bn from £1.4bn and announcing job cuts, shares in Man soared, up 10 per cent to 228p.

Banks followed suit with Barclays gaining 8.27 per cent to 133.80p, Lloyds Banking Group up 6.63 per cent to 65.90p and Royal Bank of Scotland up 2.42 per cent to 25.40p.

Insurers also gained with Legal & General up 8.06 per cent to 2.90p and Friends Provident up 1.52 per cent to 67p.

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