Banks led London’s leading shares index higher today after Royal Bank of Scotland (RBS) said trading improved in its core businesses despite total losses of £2billion.
With heavyweight RBS, Lloyds Banking Group and Barclays all on the risers’ board, the FTSE 100 Index climbed 21.3 points to 5,937.9.
RBS rose 5% to near the top of the Footsie after chief executive Stephen Hester said the rebuilding of the bank was making progress. The shares were up 1.4p to 28.7p and have now risen nearly 40% since the start of the year.
The encouraging signs at RBS helped fellow part-nationalised bank Lloyds improve 1.2p to 36.6p ahead of its own figures today, while Barclays was up 1.8p at £2.41.
However, HSBC, which will report results on Monday, was down 0.2p to 575.4p.
Energy giant Centrica also provided some cheer with an 8% increase in its dividend. The Scottish Gas owner was ahead 2.7p at 296.2p after it reported profits growth of 1% to £2.41billion.
RSA Insurance slipped to the bottom of the FTSE 100 Index as analysts expressed disappointment in a 2% increase in its final dividend. Shares fell 5% or 5.5p to £1.07.
Outside the top flight, housebuilder Redrow saw shares surrender earlier gains and fall 1p to £1.29 after it reported an 80% leap in profits to £15.3million in the six months to December 31.
Transport group Go-Ahead failed to impress investors with its interim results. A 13.2% drop in group profits to £44million in the six months to December 31 sent its shares down 53p to £12.74.
As well as RBS, the biggest Footsie risers included Fresnillo up £1.08 at £18.85, Capita ahead 29.5p at £7.18 and Vedanta Resources 55p higher at £14.35.
Among the biggest fallers were Morrisons off 8.8p at 286.5p, Essar down 3.6p at 121.6p, and Amec off 27p at £10.88.
Steven McKay, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted Johnston Press adding 15.4% to 7.5p, Aggreko rising 2.2% to £22.05 and Weir Group up 1.1% to £21.78.
FirstGroup shed 2.5% to 295.3p, STV Group fell 0.5% to £1.06 and Aberdeen Asset Management dropped 0.4% to 252.8p.