FTSE strikes back above 6,000

The FTSE has staged a fightback and is now back above 6,000 points despite falling 1.3% earlier in the session on the back of political unrest in Libya and oil prices close to hitting two-and-a-half-year highs.

The index is currently down only 22% to 6,002 with news that US consumer confidence hit a three year high triggering the recovery. Some of the FTSE's biggest blue-chip names such as BHP Billiton and Royal Bank of Scotland have made gains, up 2.02% and 2.66% respectively. Sentiment was initially dampened by a poor session in Asia with Japan's Nikkei index, Hong Kong's Hang Seng and South Korea's Kospi all trading about 2% lower. Investor sentiment had been dampened by Moody's cutting Japan's credit rating to "negative" on debt level concerns.