MARKET REPORT

LONDON’S top-flight index pushed higher yesterday as investors snapped up shares in the Royal Bank of Scotland (RBS) after the lender swung to profit.

The FTSE 100 Index closed up 18.53 points to 7,505.03, with RBS sitting among the biggest risers after the bank chalked up its third consecutive quarter in the black.

The bank, which is still 72% owned by the taxpayer, beat expectations by recording a £392m profit for the quarter to September 30, which compares with a £469m loss in the same period last year.

Shares in the state-backed lender climbed 4.8p to 285.8p.

Across Europe, Spain’s Ibex was down 1.45% as the country faces a territorial showdown after Catalonia’s regional parliament voted to establish an independent republic.

Elsewhere, Germany’s Dax rose 0.6% and the Cac 40 in France was 0.7% higher.

On the currency markets, the pound was down 0.3% against the US dollar at 1.311, as a strong performance from the greenback was supported by better-than-expected figures for the US economy in the third quarter at 3%.

Sterling was also 0.3% higher versus the euro at 1.132 after the European Central Bank hinted that further monetary easing beyond September 2018 could be needed.

Brent crude surged 1.3% at $60 a barrel.

The biggest risers on the FTSE 100 Index were Reckitt Benckiser up 205p to 6,845p, Experian up 43p to 1,598p, Compass Group up 38p to 1,638p, Merlin Entertainments 8.4p to 377.7p.

The biggest fallers were IAG down 46.5p to 623.5p, Berkeley Group down 137p to 3,807p, easyJet down 42p to 1,273p, Glencore down 11.6p to 367.2p.