FTSE buoyed by Greek endgame
The FTSE 100 opened on the front foot as the end game at last appeared to be approaching in the Greek bailout debacle.
Optimism is growing that Greece has finally done enough to secure a second bailout, which could be approved as early as Monday.
Averting a disorderly Greek insolvency is seen as a crucial step to keep market pressure off other debt-laden countries in the Eurozone periphery and protect an already battered banking system.
Upbeat US economic data, including job gains, has also helped to buoy markets.
In the UK this morning retail data showed that sales rose 0.9 per cent in January.
That followed a 0.6 per cent rise in December, according to the figures from the Office for National Statistics.
Banks and miners were the star performers on London’s blue chip index in early trading.
Lloyds was the highest climber, up 3.5 per cent. RBS was up 3.2 per cent Barclays was up 1.6 per cent.
The rises came despite a warning from the Office for Fair Trading that they must do more to encourage competition or else face the prospect of being broken up.
Miner Randgold Resources was up more than three per cent while Kazakhmys was up 2.6 per cent. Anglo American was up 1.3 per cent after reporting a rise in operating profit.
Resource stocks overall were gaining with Vedanta Resources and Tullow Oil up 2.9 per cent.
On the down side fund manager Ashmore was off by 2.3 per cent while investment bank Schroders dipped by 1.4 per cent. Both were hit by downgrades from brokers.
Other fallers were retailer Next, down one per cent, and water company Severn Trent which nudged down by a similar level.
In Asia the Nikkei closed up 1.5 per cent and the Hang Seng a shade over one per cent.
In the US later January’s consumer prices data is due for release.