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FTSE 100 rises despite RBS share fall FTSE 100 rises despite RBS share fall
(about 2 hours later)
(Open): The London market opened higher, adding to Thursday's gains, but shares in RBS sank 8% after it reported another annual loss. (Morning): The London market continued to rally on Thursday, hitting a four-week high, but shares in RBS sank 8% after it reported another annual loss.
After jumping 2.5% in the previous session, the FTSE 100 was up 63.65 points, or 1.1%, at 6,076.46. After jumping 2.5% in the previous session, the FTSE 100 was up 75.80 points, or 1.3%, at 6,088.61.
Mining shares bolstered the index, with Glencore, Rio Tinto and BHP Billiton all up by more than 2%. Mining shares bolstered the index as commodity prices rallied. Glencore rose 6.1% and Rio Tinto was 5.1% higher.
But shares in Royal Bank of Scotland dropped 8% to 224.6p after the bank reported its eighth year of losses. But shares in Royal Bank of Scotland dropped 8% to 223.7p after the bank reported its eighth year of losses.
RBS reported a loss of £1.98bn for 2015, partly due to putting aside £3.6bn for litigation costs.RBS reported a loss of £1.98bn for 2015, partly due to putting aside £3.6bn for litigation costs.
Stripping out one-off costs, RBS recorded a £4.4bn underlying profit, although this was down from £6bn a year earlier.Stripping out one-off costs, RBS recorded a £4.4bn underlying profit, although this was down from £6bn a year earlier.
On the currency markets, the pound rose 0.2% against the dollar to $1.3993, and also climbed 0.2% against the euro to €1.2689. Sports Direct shares also fell, down 3.1%, after the retailer said its borrowing costs were set to increase.
The company said it would stop using a loan facility supplied by founder Mike Ashley, which charges lower rates.
Shares in British Airways owner IAG fell 2% despite the airline group reporting a big increase in annual profits.
On the currency markets, the pound rose more than half a cent against the dollar to $1.4017, and was also up more than half a euro cent against the euro at €1.2722.