FTSE leaps as ECB confirms continued bond purchase (AFP)
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LONDON (AFP) – The stock market made strong advances on Thursday, reassured by the European Central Bank's announcement that it will continue to purchase European government bonds.
The ECB left its key interest rate at a record low of 1.0 percent and said it would extend cheap emergency funding for the commercial banks through the first quarter of 2011.
The FTSE 100 index of leading shares jumped 2.22 percent to 5,767.56 points at close.
Lloyds Banking Group (LGB) was the most traded stock in London, seeing 217 million shares switch owners, followed by Royal Bank of Scotland which saw 129 million units change hands.
Technology firm GKN made the biggest gains of the day, adding 15 pence -- or 7.68 percent -- to end at 210.4 pence, followed by Europe's biggest tourism operator TUI Travel, which gained 15.6 pence -- or 7.28 percent -- to finish at 230 pence.
Earlier on Thursday, the company had announced net losses of 104 million pounds in the year to September after a loss after tax of 67 million pounds in 2008-2009.
Satellite company Inmarsat made the day's greatest losses, shedding 0.85 percent -- or 5.5 pence -- to end at 644.5 pence, followed by investment company Resolution, which wasdown 0.51 percent -- or 1.1 pence -- to close at 213.8 pence.
Sterling was down against both the dollar and the euro.
At 17.17 GMT, the pound was trading at 1.5601 dollars, down from 1.5612 dollars at 17.05 GMT on Tuesday.
The currency fell from 1.1873 euros to 1.1800 over the same period.
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