London’s FTSE 100 was up 1.7% at 7,526.15 in afternoon trade on Tuesday.
Banks were among the top performers, recovering some poise after recent turmoil in the sector sent shares tumbling. NatWest, Barclays, Lloyds and Standard Chartered were all up.
Russ Mould, investment director at AJ Bell, said: “UK banks have been on sale for a few weeks and investors are now happy to go bargain hunting.”
On the downside, precious metals miners Endeavour and Fresnillo lost their shine as gold prices fell.
Oanda market analyst Craig Erlam said: “Gold is pulling back for a second day, paring gains as some calm returns to markets and yields move higher. It’s performed extremely well over the last couple of weeks, aided by a sharp decline in bond yields, a softer dollar, and a dash for safety so it makes sense that it’s giving some of that back.”
Utilities were also on the back foot, with Severn Trent, United Utilities and National Grid all down.
Russ Mould pointed out: “The fallers were yesterday’s winners – with investors top slicing holdings among gold miners and utility companies.”
FTSE 100 – Risers
NATWEST GROUP (NWG) 275.10p 6.71%
Rolls-Royce Holdings (RR.) 149.92p 6.34%
Barclays (BARC) 144.12p 5.69%
Standard Chartered (STAN) 649.40p 5.59%
Ashtead Group (AHT) 5,122.00p 5.26%
Prudential (PRU) 1,065.50p 5.23%
Lloyds Banking Group (LLOY) 48.29p 4.74%
Sainsbury (J) (SBRY) 261.90p 4.01%
Next (NXT) 6,904.00p 4.01%
International Consolidated Airlines Group SA (CDI) (IAG) 143.12p 3.97%
FTSE 100 – Fallers
Endeavour Mining (EDV) 1,758.00p -3.99%
Fresnillo (FRES) 722.00p -2.96%
Kingfisher (KGF) 265.80p -2.74%
Severn Trent (SVT) 2,808.00p -1.44%
United Utilities Group (UU.) 1,045.00p -1.09%
SEGRO (SGRO) 746.00p -0.96%
Croda International (CRDA) 6,384.00p -0.68%
Convatec Group (CTEC) 227.60p -0.61%
National Grid (NG.) 1,050.00p -0.38%
Unite Group (UTG) 918.50p -0.33%
