FTSE rises despite losses at Lloyds

A £4bn (€4.72bn) loss caused by toxic loans at acquisition HBOS failed to prevent shares in Lloyds Banking Group from surging by more than 10% today.

The absence of major surprises in the figures also encouraged buyers as the part-nationalised lender rose 9.14p to 93.41p by mid-morning, narrowing the paper loss faced by the taxpayer to around £3.5bn (€4.13bn).