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FTSE rallies on Japan stimulus move FTSE up on Japan move and RBS profits
(about 3 hours later)
(Open): Shares were given a boost in early trade after the Bank of Japan (BOJ) surprised markets by announcing more stimulus measures. (Noon): The London market was up more than 1%, buoyed by strong company results and news of a stimulus boost from the Bank of Japan (BOJ).
The BOJ said it would raise the rate at which it bought government bonds to 80 trillion yen ($716bn) a year. Overnight, the BOJ surprised markets by stepping up the rate at which it bought government bonds to 80 trillion yen ($716bn) a year.
The news boosted global stock markets, and in London the FTSE 100 rose 55.83 points, or 0.86%, to 6,519.38. The news boosted global markets, and the FTSE 100 was up 84.66 points, or 1.3%, at 6,548.21.
British Airways owner IAG rose 3.3% after it increased its guidance for annual operating profits. RBS shares rose 4.2% after it reported third-quarter profits of £1.27bn.
Shares in Royal Bank of Scotland rose 2.5% after it reported third-quarter pre-tax profits of £1.27bn. The profits beat analysts' expectations, although the bank also said it had set aside £400m to cover potential costs from an investigation into alleged manipulation of the foreign exchange market.
RBS also set aside £400m to cover potential costs from an investigation into alleged manipulation of the foreign exchange market. Another one of the biggest risers was British Airways owner IAG. It rose 3.7% after it increased its guidance for annual operating profits.
WPP shares dipped 0.25% after the advertising group said like-for-like sales in the third quarter rose 3%, slightly below analysts' expectations. WPP shares rose 0.75%. The advertising group said like-for-like sales in the third quarter rose 3%, slightly below analysts' expectations.
In the FTSE 250, shares in Superdry owner Supergroup fell 8.4% after the company cut its profit guidance following the recent spell of mild weather.In the FTSE 250, shares in Superdry owner Supergroup fell 8.4% after the company cut its profit guidance following the recent spell of mild weather.
The warm weather in September and October has hit demand for winter clothing, and Supergroup now expects profits in the year to April to be £60m-£65m compared with analysts' forecasts of £70m.The warm weather in September and October has hit demand for winter clothing, and Supergroup now expects profits in the year to April to be £60m-£65m compared with analysts' forecasts of £70m.
On the currency markets, the pound fell 0.12% against the dollar to $1.5984 while it rose 0.25% against the euro to €1.2719. On the currency markets, the pound edged up 0.03% against the dollar to $1.6007 and rose 0.29% against the euro to €1.2723.