08/05/14 Market Movements

Market news

The FTSE100 closed up 42.81 points (0.63%) at 6,839.25 as Barclays and BP advanced.

Barclays enjoyed its highest daily jump in almost 15 months (up 7.87%) after announcing it will cut more jobs than it had previously planned.  The Bank announced 19,000 job cuts will take place over the next 3 years and also increased the number of cuts (from 12,000 to 14,000) that would take place this year.  The cuts will mainly take place in the investment banking division, which has been hit hard by the recent slowdown in demand for fixed income products.

BT climbed 2.9% after posting an upbeat set of full-year results as strong demand for fibre broadband and television helped the telecoms company report its first increase in consumer revenue in over a decade.