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Lloyds gains boost FTSE

The FTSE 100 opened at 4,332 this morning with miners and commodities holding back strong gains.

By 9am, the index was 0.06 per cent higher at 4,350 with help from Lloyds Banking Group which gained 5.5 per cent to 94.10p after detailing plans to redeem the government’s £4bn stake of preference shares in the group.

By 12.13pm, the index was 0.8 per cent higher at 4,382 and Lloyds was up 3.9 per cent on its open at 92.90p.

Miners dragged on gains with Rio Tinto down 4 per cent to 2,561p and BHP Billiton down 0.9 per cent to 1,398p.


Voyage of the Beagles

The past eight weeks have seen an incredibly strong rally in global stock markets. For example, since the Standard Life UK equity recovery fund – which I featured in these pages – launched in early March, it has risen by 50 per cent. That is an astonishing move in such a short space of time but should we all now jump on the bandwagon?


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