FTSE ends the week .17.8 6378.6 near five-year high [Western Morning News (England)]
(Western Morning News (England) Via Acquire Media NewsEdge) A results day fall for shares in Lloyds Banking Group failed to hold back the London market yesterday as the FTSE 100 Index ended the week near recent five-year highs.
London's top flight index closed up 17.8 points at 6378.6.
In the currency markets gloomy figures from the UK manufacturing sector pushed the pound below 1.50 against the US dollar for the first time in more than two-and-a-half years as an industry survey signalled the first drop in manufacturing activity since last November, reigniting fears that Britain is heading for a triple-dip recession. The pound was also lower against the euro at 1.16.
State-backed lenders Lloyds and Royal Bank of Scotland were among the biggest blue-chip share fallers, with RBS down another 3% or 9.9p to 314p after its 2012 results on Thursday showed losses of Pounds 5.2 billion.
Part-nationalised Lloyds was down 2% or 1.2p to 53.3p as it posted losses of Pounds 570 million after it set aside another Pounds 1.5 billion for compensation relating to payment protection insurance (PPI) and another Pounds 310 million for interest rate swap mis-selling.
Marketing and communications giant WPP was enjoying better fortunes, up 4p to 1058p after its results showed profits rising to Pounds 1.5bn from Pounds 1.4bn in 2011.
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