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The FTSE 100 closed up again today, as the slow moving markets maintained some festive glee before the turn their backs on a torrid 2008.

The index closed up 1.70 per cent to 4,392.68.

In New York, the morning trading was also positive – up 1.77 per cent to 8,634.38 at 12:05 EST (17:05 GMT).

While in Europe, the Cac 40 was up 2.76 per cent and the Dax was up 2.24 per cent.

Ryan Kneale, market analyst at BetsForTraders.com, said: "Thin trade is to be expected at this time of year and with today being the last full trading day of 2008 in Europe, the story is no different.

“Rising crude prices are pushing up energy stocks and in turn this is pushing up the indices.

“Most traders will be glad to see the back of 2008 and although the beginning of 2009 is expected to be tough, we can look forward to things improving gradually throughout the year."

Leading the gains at the close of play was Legal & General – rising 7.14 per cent.

Schroders Non-Voting rose 7.02 per cent, cruise operator Carnival gained 5.72 per cent, Eurasian was up 4.95 per cent and 3i Group climbed 4.66 per cent.

Energy generator Drax was down 4.95 per cent, Schroders dropped 3.72 per cent, TUI Travel fell 2.96 per cent and HBOS lost 2.27 per cent.

On the currency markets, sterling was hitting lows against the euro and the dollar.

After spending the first half of 2008 at $2, £1 now buys $1.442.

Against the euro, £1 now stands at down 1.16 per cent to €1.021, making €1 worth 97.9p.