Afternoon Markets: Upturn in the FTSE as resource stocks continue to rise

Resources stocks helped the FTSE 100 bounce back slightly this afternoon, with the index reaching a h...

Resources stocks helped the FTSE 100 bounce back slightly this afternoon, with the index reaching a high of 5380.9 from its opening level of 5320.4. Tullow Oil led the charge with a 6.7% gain, followed closely by BHP Billiton with 6.64%. Rio Tinto and mining group Kazakhmys saw similar share price rises. Barclays continued to be the biggest lagger as the index closed, with a loss of 5.04% over the course of the day. BT hit -4.47% while energy group Scottish and Southern lost 1.53%. In the US, stocks plunged as speculation grew over the future of national mortgage lenders Freddie Mac an...