Stocks rise after London Stock Exchange hit by tech glitch

City of London

City traders were held up by a technical glitch (pic: Terry Murden)

UPDATE 2.30pm: The FTSE 100 rebounded 0.4% to stay above 7,000 following this week’s market rout and a delayed opening of the London Stock Exchange this morning.

The index of leading shares stood at 7,093 in mid-afternoon trade, led by ITV (+3.04%) and RBS (+2.36% which recovered ground after yesterday’s sharp fall. The FTSE 250 was 0.28% higher.

Trading in FTSE stocks on the London Stock Exchange was delayed until 9.45 today after it was shut down by a technical glitch.

No stocks on the FTSE 100 and 250 could be traded as normal from 8am this morning.

The London Stock Exchange said it was “investigating a potential trading services issue”. Some trade in smaller stocks outside the FTSE 350, such as those on AIM, took place as normal.

Traders were encouraged stronger retail sales during July which eased concerns that the world’s biggest economy is heading for a slowdown.

The pound is trading 0.67% higher against the dollar at $1.2155. Sterling was also up against the euro, up 0.67% at €1.0964.

Oil prices rose, Brent crude by 1.75% to $59.25 a barrel while West Texas Intermediate increased by 1.67% to $55.38.

Wall Street shares opened higher due to gains in technology stocks and China’s plans to boost economic growth, as investor fears over an impending recession due to inverted bond yield curves eased.

The Dow Jones was 159.6 points or 0.6% ahead just after stocks began trading,

The S&P 500 was 24.2 points or 0.9% higher, while the tech-focused Nasdaq was up 84.4 points or 1%.

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