London markets surged forward this morning as better-than-expected results from RBS raised hopes the banking sector may be over the worst of the credit crisis.
The main FTSE 100 index climbed 46.3 points (1.05%) to 4,444.98, with banks and resources firms leading the way.
RBS added 8.17% after revealing it made a £44m loss in the first quarter of 2009. The result was considerably better than its record £24bn loss in 2008. Rival Lloyds climbed 5.26% to 102.1p.
Mining company share prices were bolstered by rising metal prices with Rangold Resources leading the way with a 4.3% gain. Elsewhere, Xstrata added 4.23% and Lonmin advanced 4.13%.
The Dow Jones fell yesterday after a number of banks failed a stress test, losing 102.43 points (1.2%) to 8,409.85.
Bank shares varied wildly after ten banks failed a crucial stress test, suggesting around $75bn of extra capital would be needed.
Bank of America shares climbed, up 6.46% to $13.51, but JPMorgan Chase saw 5.32% wiped from its value, while Citigroup shares dipped 1.3%.
Pharmaceutical firms continued to perform well as public fear of swine flu increased, with Pfizer up 1.8% to $14.16, while rival Johnson and Johnson climbed 1.25% to $54.89.
In Tokyo, the main Nikkei 225 index added 47.13 points (0.5%) to 9,432.83, with banks making major gains despite problems in the US.IFAonline
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