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FTSE 100 jumps as banks lift shares

by LLB Editor
23rd Oct 20 9:37 am

The FTSE 100 index has jumped by 0.75% in early trading, away from the five-month lows we saw yesterday.

The blue-chip index has gained 53 points to 5842, led by bank shares with Barclays up 4%, and Lloyds and HSBC both gaining 3.2%.

Barclays beat forecasts this morning, by reporting pre-tax profits of £1.1bn in the last quarter.

But the bank also raised its provisions against bad loans by an additional £608m, to a total of £4.3bn – a sign of the economic damage being caused by the pandemic.

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