19th October 2011
UK stocks rose following two days of losses this morning (October 19th) following reports that Germany and France may add further cash to European bailout funds.
The FTSE 100 increased by 0.6 per cent in early trading today to 5,442.2 as the index responded to the positive announcement, Business Week reports.
Some of the biggest gains were seen by Lloyds Banking Group and Royal Bank of Scotland, both rising by more than 3.5 per cent. In addition, BSkyB showed solid strength after it reported annual profits were up by more than 16 per cent.
Cameron Peacock, a market analyst at IG Markets in Melbourne, told the Guardian: "Despite the uncertainty, European markets are showing a uniformly upbeat start to the session."
The FTSE 100 registered a difficult end to last month, but growing appetite for risk helped boost investor confidence.
Stocks rose by 2.5 per cent on average on September 30th, with positive global commodity strength helping to stabilise the market.
Posted by Andrew Cottrill
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