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The FTSE 100 is up 1.5%, as traders welcomed the US central bank’s decision to keep its bond buying programme at $85 billion per month. Analysts were expecting a reduction of €10 billion per month, but when the policy was left unchanged traders bought into the market. The mining sector has gained the most ground as a combination of higher metal prices and increased market sentiment has driven up prices.
In corporate news, ASOS has reported a 47% increase in fourth-quarter revenue. The share price is up 11% today, and the company’s value has nearly doubled in the past year. Gulf Keystone Petroleum has reported a first-half loss of $26.4 million, an improvement on last year’s loss of $31.4 million. The stock is down 6%.
In the US, the Dow is 14 points higher at 15,690, after the number of people claiming unemployment benefit dropped below analysts' estimates.