FTSE claws back losses

The London stock market’s rollercoaster week continued today after the leading share index jumped more than 4%.

The FTSE 100 Index put on 165.2 points to 4026.6, clawing back some of the heavy losses seen in the past two sessions.

Among the big winners were oil company shares after production cartel Opec prompted speculation it may act to halt a price fall by bringing forward the date of its important December meeting. BP was 6% up and rival Royal Dutch Shell 7% higher.

Yesterday the Footsie slumped more than 5%, following a fall of more than 7% the day before on recession fears.

The week started off with a gain of more than 8% as the UK Government’s banking rescue package was unveiled.

Opening trade today was buoyed by healthy rises in Asian markets and a near 5% leap for New York’s Dow Jones Industrial Average.

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