Banks help UK stocks start the week on a strong footing

Date:

  • FTSE 100 up 1%, FTSE 250 adds 0.8%

March 27 (Reuters) – UK equities surged on Monday, helped by a gain in bank stocks on renewed hopes that the turmoil in the sector will be contained following the buyout of Silicon Valley Bank, while Standard Chartered jumped after agreeing to sell its Jordanian business.

Standard Chartered Plc (STAN.L) rose 2.2% after the lender said it would sell the business to Arab Jordan Investment Bank (AJIB) (AJIB.AM) as part of its plan to narrow its focus to faster-growing markets in the region.

Overall, banks (.FTNMX301010) rose 2%, as U.S. lender First Citizens BancShares Inc (FCNCA.O) said it would purchase the loans and deposits of Silicon Valley Bank.

The blue-chip FTSE 100 (.FTSE) gained 1%, while the domestically-oriented FTSE 250 (.FTMC) added 0.8% by 0707 GMT.

Bucking the trend, Genel Energy Plc (GENL.L) tanked 8% after the Iraq-Turkey pipeline was shut down, despite the Iraqi Kurdistan-focused firm expecting the shutdown to be temporary.

Reporting by Johann M Cherian in Bengaluru; Editing by Savio D’Souza

Our Standards: The Thomson Reuters Trust Principles.

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