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FTSE Live: FTSE 100 up 3 per cent at close

16.45pm: The FTSE 100 has risen more than 3 per cent after a volatile day of trading.

At close, the blue-chip index was up 3.11 per cent at 5162.83. The Cac 40 was also up 2.9 per cent at close, while the Dax was up 3.3 per cent.

At 16.45pm, the Dow Jones was up by over 2 per cent at 10939.34.

16.08pm: The FTSE 100 is now up 3 per cent following a mixed day of trading for the blue-chip index.

The rise comes as markets opened strongly in the US with the Dow Jones up 2.7 per cent. European indexes were also making gains in late trades with the Cac 40 up 2.6 per cent and the Dax up 3.4 per cent.

15.26pm: The FTSE is up 0.8 per cent to 5047 after the US market rose in early trades.

The Dow Jones is up 1.38 per cent in early trades having fallen sharply before its close yesterday. The Dax is up over 1 per cent, however the French Cac 40 is down 0.2 per cent as concerns persist over a potential downgrade of its AAA rating.

12.56pm: The FTSE has fallen beneath 5,000 as early gains have been wiped off the blue-chip index. At 12.56am, the FTSE 100 stood at 4987.66, a fall of 0.40 per cent.

11:45am: The FTSE 100 has given back much of its early gains as market fears over eurozone debt and European banks re-surfaced late on Thursday morning.

At 11.45am, the FTSE 100 was up by 0.58 per cent to 5036, having been up over 2 per cent in early trades. Europe’s other main indexes also fell back on the concerns with the French Cac 40 now down 0.3 per cent. The index had been up almost 3 per cent in early trades with banks again leading the way in the fall.

The Dax was up almost 1 per cent, while the FTSE Eurofirst was up 0.33 per cent.

10.30am: The FTSE 100 has held on to the majority of its early gains as it continues to brush off concerns in both Europe and the US.

The index is currently up 1.9 per cent to 5,103.42, with Essar Energy the top performer having risen over 6 per cent today. The French Cac 40 is up 1.6 per cent, while the German Dax has risen 2 per cent.

8:17am: The FTSE 100 has risen almost 100 points in early trades.

At 8.17am, the blue chip index stood at 5,119.54, a rise of 2.25 per cent.

Europe has also seen a bounce with the French Cac 40 up almost 3 per cent and the German Dax up 2.92 per cent. The FTSE Eurofirst 300 was also up 2.2 per cent.

The news is a boost to global markets after the US and Asian markets saw falls overnight.  The S&P 500 index closed down 4.42 per cent to 1,121 while the Dow Jones finished down 4.62 per cent to 10,719.

The Nikkei 225 was down 0.63 per cent to 8982.

The FTSE 100 plunged back into negative territory at its close yesterday amid renewed concerns over the US economy and a steep fall in banking shares across Europe.

At close the blue-chip index was down over 3 per cent at 5007.53 with fears that France may follow the US in losing its AAA credit rating also sweeping across the market. Ratings agencies Moody’s, Standard & Poor’s and Fitch have all reaffirmed France’s AAA credit rating,

  • French President Nicolas Sarkozy has recalled Parliament to urgently discuss new measures to address the country’s budget deficit. He said the Government would meet its debt targets “whatever the evolution of economic situation”.
  • French bank shares tumbled yesterday with Societe Generale sliding 15 per cent, Credit Agricole closing down 12 per cent. Banks in Ital also suffered heavily with Intesa Sanpaolo down 14 per cent, Monte del Paschi down 10 per cent and UniCredit losing 9 per cent of its value in a day.
  • A survey by the British Retail Consortium suggests that despite people feeling more confident about job prospects and personal finances a third of people feel they have no disposable income once they have paid essential bills.
  • Chancellor George Osborne is to give a statement to the recalled House of Commons this afternoon on the economy.

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