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Strong Barclays results drive FTSE upwards

Tuesday 16th February 2010

By Mike Jones

Strong results from Barclays bank powered the FTSE into positive territory this morning.

Britain's third-largest bank reported huge profits of £11.6billion for 2009 - a rise of 92%.

Pre-tax profits were helped by the £5.3billion sale of Barclays Global Investors to Blackrock.

A strong performance from the bank's investment banking arm further boosted the balance sheet.

Shares in Barclays were up almost 8% on the news in early trading.

Other banks also saw their prices boosted by Barclays's results.

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