Global banks rise as markets digest Basel III reforms

The FTSE gained 1.05% or 57.92 points to reach 5,559.75 by 3.15pm, lead by the financial sector as markets digested the implications of the new 7% minimum capital buffer imposed on the banks. The sector gained 1.94%, with capital goods and basic materials also performing strongly, up 1.96% and 2% respectively. Lloyds rose 3.21% and Royal Bank of Scotland climbed 2.82%, making them the strongest performers among the big banks. Standard Chartered, HSBC and Barclays also saw their share prices climb. Meanwhile insurance giant Prudential moved 3.5% higher to 620p per share on the ba...