FTSE rebounds as Rolls-Royce surges

  • 12 February 2016
  • From the section Business
FTSE 100

(Open): London's leading shares rose 1% in early Friday trading, rallying after Thursday's big losses.

In the opening minutes, the benchmark FTSE 100 added 55.38 points to 5,592.35.

On Thursday, the index fell 2.4%, while US and European markets also posted sharp declines amid continued anxiety about the state of the global economy.

Friday's biggest gains came from aero-engine giant Rolls-Royce, which added 13.5%.

Investors were relieved after the firm announced annual profits of £1.35bn, although it added that it would be cutting its dividend by 50%.

Share indexes in Frankfurt and Paris also rebounded by more than 1%.

On the commodities markets, Brent crude was up 3.4% at $31.09, while US light crude rose 3.7% to $27.19.

On the currency markets, the pound was up 0.48% against the euro at €1.2845.

The currency was also 0.06% higher against the dollar at $1.4484.

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