FTSE climbs as bank shares hold firm

<p>The FTSE 100 has regained its upwards trajectory.</p>

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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