Afternoon Markets: FTSE at 10-month high as HSBC posts $5bn profit

The FTSE 100 reached its highest level since October 2008 this afternoon, leaping more than 75 points to reach 4695.92 points.

Banks and miners have been leading the London index today, with Barclays seeing its shares rise 6.05% to 320p, after announcing a near £3bn pre-tax profit for the first half of 2009. HSBC also gained after announcing first half profits of $5bn, although this was about half what it made in the same period a year ago. Shares in the company slightly lagged Barclays, but were still up 5.26% to 637.60p by 3:10pm. Meanwhile, Petrofac has continued to lead the field today, with its share price rising 10.53% to 829p. Kazakhmys, Eurasian Natural Resources and Xstrata make up the rest of the...