The FTSE 100 ended running way ahead of the pack in the stock market as Greece was closing in to securing its financial rescue package. Things are looking bright as Greek politicians have come to acceptable terms necessary in order for the country to acquire its second bailout which could be approved as early as Monday.
In preventing Greece from experiencing financial bankruptcy, it would seem to be a very significant measure in putting market pressure off on other debt-laden countries included in the euro zone region while shielding the banking system that has taken already a lot of beating.
Markets are supportably buoyed by a favourable US economic data as well as an increase in job gains.
As of this morning, the UK experienced an increase in sale by 0.9 per cent in January as shown by retail data. That followed a 0.6 per cent climb in December, as presented by the figures from the Office for National Statistics.
When it came to early trading, banks and miners proved to be the most valuable players on London’s blue chip index.
Lloyds was on the top spot, reaching a high of 3.5 per cent followed by RBS trailing only by 0.3 per cent and Barclays gaining at 1.6 per cent.
The increases came as a surprise regardless of warnings made by the Office for Fair Trading of having them being broken up, unless competition is put into motion.
Miner Randgold Resources went up by more than three per cent while Kazakhmys climbed by 2.6 per cent. Anglo American enjoyed a 1.3 per cent increase after announcing a rise in operating profit. Vedanta Resources and Tullow Oil were among resource stocks that shared an increase of 2.9 per cent.
Those on the losing end were: fund manager Ashmore which fell by 2.3 per cent while investment bank Schroders decreased by 1.4 per cent as both of them were affected by downgrades from brokers. Also joining them were retailer Next and water company Severn Trent whom were also both experiencing a one per cent drop.