The London FTSE is heading for its biggest weekly gain in 2009 as stocks advance for the fifth straight day. The sharp rally has been driven by the announcement of second quarter profits at Goldman Sachs, JP Morgan, Intel, Google and now Bank of America.
Bank of America made a profit of USD3.2 billion in the second quarter and this has sent another wave of optimism around global market. British Airways stocks have also rallied over 6% after the firm announced plans to raise cash. Earlier in the day, sterling exchange rates dipped as risk aversion increased following bombing in Jakarta.
Sterling exchange rates are currently 1.62 versus the euro and 1.15 against the euro
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