GDP figures help banks to shine in steady trade

The London market ended its roller-coaster ride this week on a firm note as investors heading home for the weekend and summer…

The London market ended its roller-coaster ride this week on a firm note as investors heading home for the weekend and summer holidays chose instead to focus on the positive aspects of the British economy.

Favourable gross domestic product figures combined with better-than-expected half-year numbers from Lloyds TSB to send the market on its way. Those figures helped boost the banking sector as a whole.

Barclays, which this week announced a new chief executive, HSBC, National Westminster and Standard Chartered were in demand ahead of figures next week.

Market heavyweights such as BP Amoco, Britain's biggest listed company, moved steadily ahead, as did Shell Transport & Trading, as crude oil prices tested the $20-a-barrel mark.

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Gains were also seen in Prudential Corporation, Britain's largest life assurer, as the market continued to celebrate Thursday's favourable figures.