FTSE 100 Rises As Bank Concerns Ease
(RTTNews) - U.K. stocks opened higher on Tuesday as moves to prop up struggling banks boosted sentiment.
The benchmark FTSE 100 was up 100 points, or 1.4 percent, at 7,504 after rising 0.9 percent the previous day.
Banks were trading higher, with HSBC up 1 percent and Lloyds Banking rallying 4 percent.
Home improvement retailer Kingfisher rose over 1 percent despite posting a drop in FY profits and revenue.
Recruitment firm SThree added 1.6 percent after net fees rose in the first quarter of fiscal 2023.
In economic releases, the U.K. budget deficit widened to its highest February level due to the substantial spending on energy support schemes, the Office for National Statistics said.
Public sector net borrowing excluding banks increased by GBP 9.7 billion from the last year to GBP 16.7 billion in February. This was the highest February borrowing since records began in 1993.
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Australian Market Notably Lower
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