Business

Strong FTSE gains after Japan rate cut

  • 29 January 2016
  • From the section Business
FTSE

(Close): London shares rose sharply on Friday, boosted by the the Bank of Japan, which cut interest rates to negative, and a strong start on Wall Street.

The FTSE 100 index rose 127.7 points, or 2.15%, to close at 6,059.5.

Sainsbury shares rose 3.55% on reports its takeover plan for Home Retail was in disarray. Home Retail was down 4.1%.

Top gainer was the satellite firm Inmarsat, which rose 5.2% following analysts' comments.

The Dax in Frankfurt closed up 1.6% while the Cac40 in Paris rose 2.2%.

The Bank of Japan's cut left Asian markets with gains of between two and three per cent.

On the currency markets, the pound was down almost two cents against the dollar at $1.4168 following the release of US GDP data, and it was down two-fifths of a cent against the euro at €1.3085.

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