FTSE 100 Gains Led By Banks
(RTTNews) - U.K. stocks advanced on Wednesday, with banks rallying after the Bank of England said its annual stress test of eight major lenders showed that each could cope with rising interest rates in a stressed environment, and none would need to raise additional capital.
The benchmark FTSE 100 was up 72 points, or 1 percent, at 7,354 after closing up 0.1 percent on Tuesday.
Barclays, HSBC, Lloyds, NatWest Group and Standard Chartered all rose over 1 percent following the release of the Bank of England's financial stability report.
Tullow Oil tumbled 3.3 percent. The Irish oil and gas company has reaffirmed its crude oil production outlook for full year 2023.
Springfield Properties rose about 1 percent after it has appointed Iain Logan as the chief financial officer.
Recruiter Pagegroup jumped 3 percent despite reporting a lower second-quarter gross profit.
Supermarket chain Tesco added 1.6 percent as it announced continuation of existing 750 million pounds share buyback program.
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FTSE 100 Flat In Lackluster Trade; Bank Stocks Drifting Lower
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