Sector movers: Banks follow US stocks higher
Banks were sharply higher today after the news from the US that Warren Buffett has offered to reinsure $800bn worth of debt.
Barclays was more than 6% higher and was closely followed by HBOS. RBS also had a strong day, finishing up more than 4%.
Insurance companies also moved up in line with US stocks following the Buffett announcement. Old Mutual gained nearly 6%, as did Legal and General.
On a day which saw only two stocks close lower, tobacco companies had a lacklustre day as investors flocked to less defensive stocks.
British American Tobacco closed marginally lower, while Imperial was among the worst performing stocks, even though it gained almost 1%.
Top performing sectors so far today
Life Insurance 4,717.40 +4.90%
Banks 7,832.00 +4.86%
Food & Drug Retailers 4,773.00 +4.52%
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Construction & Materials 4,850.50 +4.44%
Mining 24,269.40 +4.21%
Bottom performing sectors so far today
Aeronautics and Defence NULL 0.00%
Alternative Investment Instruments NULL 0.00%
Automotive and Parts NULL 0.00%
Banking NULL 0.00%
Beverages NULL 0.00%
