FTSE climbs as bank shares hold firm
The FTSE 100 has regained its upwards trajectory.
Resilient bank shares have helped the FTSE 100 regain its upwards trajectory today (February 11th).
The market climbed 22.30 points to reach 6,286.23 at 10:30 GMT, which comes after it recorded its first weekly loss in 2013 last week.
Among the banks posting a strong performance has been Barclays, whose 1.4 per cent climb helped it make up one-third of early trade for the index.
Speaking to Reuters, Olivetree Financial Group strategist Simon Maughan explained this movement is attributable to the bank's attempts to reduce its spending by £2 billion.
"However, we've not seen the same positive movements in the credit or options market, where Barclays has performed much as any other large European bank," he added.
A total of eight points were added to the market by the financials sector – comprised of banks, insurers and asset managers – with this movement playing a key role in helping to regain stability following the recent 1.3 per cent loss.
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