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FTSE boosted by financials

The FTSE 100 opened almost 40 points higher today at 3,882 today, up from Fridays close of 3,843 as investors anticipate details from the US Treasury on its plan to buy toxic assets from banks.

Banks and life insurers dominated gains in early trades leading the index as high as 3,919 with Barclays up 10 per cent to 115.50p and Lloyds Banking Group up 7.5 per cent to 59.50p by 9.28am.

By close Barclays was up 15 per cent to 121.50p and Lloyds was up 11 per cent to 61.50p.

Legal & General closed 4.91 per cent higher at 44.90p and Friends Provident 2.33 per cent higher at 61.40p.

By market’s close, the blue-chip index finished 2 per cent higher at 3,952.81 after Obama’s administration unveiled a 69bn plan that will rely on private investors buying up to 0.69tr in toxic assets.

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