Business

Lloyds surge bolsters FTSE 100

  • 22 February 2017
  • From the section Business
Traders in London Image copyright AP

London's leading shares edged higher in Wednesday morning trading, with Lloyds Bank the top gainer after posting its highest profit in a decade.

By lunchtime, Lloyds was 3.6% higher after announcing that its profit for last year was up 158%.

The figures were helped by a reduction in payment protection insurance provisions.

Overall, the benchmark FTSE 100 index was up 4.45 points or 0.06% at 7,279.28.

Housebuilder Barratt was another big riser, up 2% after unveiling an 8.8% rise in half-yearly profits.

The announcement lifted the sector, with rivals Persimmon and Taylor Wimpey adding 0.5% and 0.9% respectively.

On the currency markets, the pound was 0.3% lower against the US dollar at $1.2435 and steady against the euro at 1.1842 euros.