FTSE starts on a positive note despite Moody’s ratings downgrade

<p>- The FTSE was up by around 31-32 points this morning at 6367, with most European stock markets trading higher in early action and investors […]</p>

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- The FTSE was up by around 31-32 points this morning at 6367, with most European stock markets trading higher in early action and investors taking cue from the Italian general election due this afternoon.

- A good start for the FTSE even though the Moody’s downgrade of the UK AAA credit rating pulled sterling lower. This did not impact the index, however, with banks and mining firms leading the way higher.

- Antofagasta was on top of the FTSE leader board this morning, rising 36p after it was helped by an upgrade from ‘neutral’ to ‘buy’ by Bank of America Merrill Lynch. Elsewhere Barclays rose 6.2p and Lloyds followed by rising 0.3p.

- On the downside, shares in Associated British Foods fell 1.75% despite the firm saying that its half-year results would beat expectations thanks to good performance at its Primark clothing chain.

- Overall a mixed market, the main focus today will be on the Italian election results being released; Italian and European markets have been shaky leading up to the elections, which will finish at 2pm this afternoon.

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