Banks help UK stocks start the week on a strong footing By Reuters

Poland, with election looming, says it isn't sending new arms to Ukraine

Banks help UK stocks start the week on a strong footing

Published Mar 27, 2023 08:19

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Banks help UK stocks start the week on a strong footing

(Reuters) - UK equities surged on Monday, helped by a gain in bank stocks on renewed hopes that the turmoil in the sector will be contained following the buyout of Silicon Valley Bank, while Standard Chartered (LON:STAN) jumped after agreeing to sell its Jordanian business.

Standard Chartered Plc rose 2.2% after the lender said it would sell the business to Arab Jordan Investment Bank (AJIB) as part of its plan to narrow its focus to faster-growing markets in the region.

Overall, banks rose 2%, as U.S. lender First Citizens BancShares Inc said it would purchase the loans and deposits of Silicon Valley Bank.

The blue-chip FTSE 100 gained 1%, while the domestically-oriented FTSE 250 added 0.8% by 0707 GMT.

Bucking the trend, Genel Energy Plc tanked 8% after the Iraq-Turkey pipeline was shut down, despite the Iraqi Kurdistan-focused firm expecting the shutdown to be temporary.

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