Scott Reid: Footsie enjoys seven-day winning run

Picture: PA

Picture: PA

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London’s benchmark share index was pushed higher by mining stocks, despite a mixed session for lenders after European giant Deutsche Bank warned over hefty losses.

Deutsche said higher impairment charges and litigation costs would see it sink into the red by a mammoth €6.2 billion (£4.6bn) for the three months to the end of September.

UK banks were initially hit, with some later recovering their poise after the warning, although the wider FTSE 100 struck a seven-day winning streak by lifting 38.47 points to 6,374.82.

HSBC was 0.8p up at 529.5p and Standard Chartered was up 7.3p to 748.7p, after Goldman Sachs upgraded the bank to “buy” from “neutral”. But Barclays was 1p lower to 254.8, and Royal Bank of Scotland was 0.5p down to 330.8p.

The Bank of England voted to keep interest rates unchanged at 0.5 per cent, with policymakers voting eight to one in favour of freezing rates.

Chris Beauchamp, senior market analyst at IG, said: “The Bank of England’s moment passed once again without incident, but caution on the growth outlook and the lack of any increase in the number of hawks on the committee means that a 2015 move [to raise rates] is now a non-starter.”

Heavyweight miners rose on trader talk about assets sales in the sector, with BHP Billiton up 37p to 1,145p and Fresnillo 28.5p higher at 704.5p.

NEW YORK: Wall Street closed ahead again last night. The Dow Jones industrial average rose 138.46 points, or 0.82 per cent, to close at 17,050.75 while the Standard & Poor’s 500 index was ahead 17.60 points, or 0.88 per cent, ending at 2,013.43. The Nasdaq composite index finished up 19.64 points, or 0.41 per cent, at 4,810.79.

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