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Banks help FTSE gain 0.2% ahead of U.S. jobs data

Fri Nov 6, 2009 5:18pm IST
 
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* Banks rebound; RBS higher after update

* Oil majors weak, curbing FTSE 100's gains

* BA a top blue-chip riser after Q2 results

By Jon Hopkins

LONDON, Nov 6 (Reuters) - Britain's leading share index was up 0.2 percent approaching midday on Friday with a rally by banks offsetting weakness in oil majors in thin trade as investors await the key U.S. October jobs report.

At 1136 GMT, the FTSE 100 .FTSE was 10.63 points higher at 5,136.27, on track for around a 1.6 percent increase on the week, which would be the best weekly performance for a month.

"We have seen some investors come in and take some profits off the table but at present it is really quiet as everyone is looking ahead to the non-farm payrolls," said Joshua Raymond, market strategist at City Index.

The U.S. economy is expected to have shed 175,000 jobs in October, the 22nd month of job losses, but lower than the 263,000 cuts seen in September. Unemployment, however, is forecast to climb to 9.9 percent.  Continued...

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