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FTSE 100 higher on Fed statement | FTSE 100 higher on Fed statement |
(about 4 hours later) | |
(Noon): The London market rose 1% as investors reacted to the latest comments from the US Federal Reserve. | |
The Fed said it would take a "patient" approach to raising interest rates, adding that there would be no move for "at least a couple of meetings". | The Fed said it would take a "patient" approach to raising interest rates, adding that there would be no move for "at least a couple of meetings". |
This implies there will be no rate rise before April, but analysts still expect the Fed to act by mid-2015. | This implies there will be no rate rise before April, but analysts still expect the Fed to act by mid-2015. |
The FTSE 100 was up 61.66 points, or 1%, at 6,398.14. Energy shares were up as oil prices strengthened. | |
Having fallen as low as $58.50 earlier in the week, Brent crude rose above $63 a barrel following signs that oil producers are scaling back investment because of the recent slump in prices. | |
Among oil-related stocks, Petrofac shares rose 5.6%, Tullow Oil was up 2.2% and BP was nearly 1% higher. | |
Shares in chip designer Arm Holdings rose 3.6% after brokerage Exane cited upbeat comments from the company about prospects for the Chinese smartphone market. | |
On the currency markets, sterling was boosted by strong UK retail sales figures, which were helped by the impact of Black Friday promotions. | |
The pound was up 0.5% against the dollar at $1.5657 and rose more than a cent against the euro to €1.2720. |