Business

FTSE 100 sees rise after global turmoil

City traders Image copyright Getty Images

(Close): London's benchmark index posted a 100-point rebound, a day after global turmoil led to billions being wiped off the value of shares.

At the close, the FTSE 100 was up 1.77% at 5,773.79, having fallen 3.5% on Wednesday.

Markets have been rattled since the start of the year over the slide in oil prices and slowing growth in China.

Oil prices also rallied on Thursday, having hit their lowest levels since 2003 in the previous session.

Brent crude climbed back above the $28-a-barrel mark, hitting $28.91. US crude was trading at $29.35 a barrel, having fallen below $27 on Wednesday.

Pearson was the best performing share in the FTSE 100, rising more than 17% to 772p after it announced a restructuring plan that will lead to 4,000 job cuts - about 10% of its workforce.

Also doing well in the FTSE 100 was Royal Mail. Its shares climbed 4.1% to 438.7p after it said parcel deliveries during December were up 6% from a year earlier.

In the FTSE 250, shares in fashion retailer N Brown Group jumped 8.5% after it reported strong trading over the important Christmas trading period.

N Brown, whose brands include SimplyBe and Jacamo, said like-for-like revenues rose 4.1% in the 18 weeks ended to 2 January.

On the currency markets, the pound was little moved against the dollar at $1.4186 and was up by 0.54% against the euro at €1.3097.

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