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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/banking-concerns-fail-to-sway-ftse.jpg"><img class="alignnone size-full" title="The FTSE 100 index rose 38 points to 5935 in afternoon trading" src="http://londonglossy.com/wp-content/uploads/2011/01/min-banking-concerns-fail-to-sway-ftse.jpg" alt="The FTSE 100 index rose 38 points to 5935 in afternoon trading"/></a></p>
<p>The London market has pushed higher despite falls in the banking sector triggered by uncertainty over the future of the industry.</p>
<p>Cautious trading on Wall Street, ahead of a Federal Reserve meeting and the US president&#8217;s State of the Union address later in the week, saw the Dow Jones Industrial Average nudge up 0.1%.</p>
<p>The mood in the US did little to move the London market in either direction, as the FTSE 100 Index sat 38 points higher at 5935.</p>
<p>US stocks were boosted by decent earnings reports, from fast-food giant McDonald&#8217;s, which said its net income rose 2% as more customers bought up its McRib sandwich and new McCafe coffee products.</p>
<p>Royal Bank of Scotland and Lloyds were the heaviest fallers on the Footsie after a speech by the chairman of the Independent Banking Commission sent ripples of concern through the banks.</p>
<p>While Sir John Vickers ruled out a full-scale break-up of the banks, he mulled plans to ring-fence their retail operations from investment banking and said important institutions should be required to hold more core capital than in the current regime.</p>
<p>The biggest loss in the banking sector was achieved by Lloyds, which fell more than 3% or 2.2p to 65.2p, while Royal Bank of Scotland dropped 1.5p to 43.5p and Barclays fell 3.2p to 297.7p.</p>
<p>The latest political turmoil in Ireland, where the coalition government is on the brink of collapse, added to fears over the sector&#8217;s exposure to the country and the eurozone debt woes in general.</p>
<p>The other main interest of the session came from the debut of International Consolidated Airlines Group following the merger of British Airways and Iberia. Shares were 285.5p, a rise of more than 1% from the pair&#8217;s joint valuation on Thursday, when BA called time on nearly 24 years of trading under its own name.</p>
<p>The stock received an early boost as broker UBS initiated coverage on the new stock with a buy rating and a price target of 360p.</p>
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