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With boost from RBS, FTSE 100 climbs for 2nd-day

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FTSE 100

With boost from RBS, FTSE 100 climbs for 2nd-day

June 12 2015, 07.05am GMT


On Thursday, stocks in the United Kingdom rose for the 2nd straight day. As a result of the Royal Bank of Scotland as well as the supermarket chains, the FTSE 100 index advanced higher.

At the close of the trading, the FTSE 100, ended at 6,846.74, up 0.2 percent. This came after the London benchmark broke a 4-day losing streak on Wednesday which was prompted by hopes that Greece and the creditors are getting close to reaching a bailout agreement.

On Thursday, however, talks between the International Monetary Fund (IMF) and cash-strapped Greece broke down. The team that was sent to Brussels to try and reach an agreement with Athens returned to Washington as a result of a lack of progress in talks.

Once this news emerged, European stock markets trimmed gains.

Meanwhile, the top performers in London were the supermarkets which posted some of the biggest gains. This started on Wednesday after J Sainsbury PLC reported a decline in sales which was smaller than expected. On Thursday, the grocer traded 1.4% higher while the shares of Morrison Supermarkets PLC also rose 0.9%. The shares of Tesco PLC also gained 2%.

Added to this, the Royal Bank of Scotland Group PLC rose 1.9%. This came after the Chancellor of the Exchequer, George Osborn,e stated that the government in the U.K. will start selling bank shares within months, even at a loss. This announcement was made on Wednesday at the Chancellor’s annual Mansion House speech to bankers.

Also, the stake of the U.K. government Lloyds Banking Group PLC was reduced to 17.9 percent, down one percentage point. As a result, the bank’s shares closed 0.5 percent higher.

Meanwhile, other banks declined as a result of disappointment that Osborne did not announce any changes to the banking levy during his speech. As a result, the shares of Standard Chartered PLC declined 2.1%, while the shares of HSBC Holdings PLC also fell 0.3%.

MT4 Chart: FTSE 100

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