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FTSE 100 rises despite RBS share fall FTSE 100 rises despite RBS share fall
(about 2 hours later)
(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. (Noon): The London market continued to rally, 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 75.80 points, or 1.3%, at 6,088.61. After jumping 2.5% on Thursday, the FTSE 100 index was up 59.60 points, or 1%, at 6,072.41 shortly before midday.
Mining shares bolstered the index as commodity prices rallied. Glencore rose 6.1% and Rio Tinto was 5.1% higher. Mining shares bolstered the index as commodity prices rallied. Anglo American rose 4.4% and Rio Tinto was 4% higher.
But shares in Royal Bank of Scotland dropped 8% to 223.7p after the bank reported its eighth year of losses. But shares in Royal Bank of Scotland dropped 8% to 224p after the bank reported yet another annual loss.
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 as a result of 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.
Sports Direct shares also fell, down 3.1%, after the retailer said its borrowing costs were set to increase. Sports Direct shares also fell, down 2.75%, 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.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. Shares in British Airways owner IAG fell nearly 5% 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. On the currency markets, the pound edged up one tenth of cent against the dollar to $1.3968, but dipped slightly against the euro to €1.2660.