U.K. Stocks Rise With Global Markets as Prudential, Lloyds Jumpby
Almost every stock on the FTSE 100 Index climbed amid a global rebound after the worst plunge since August.
The FTSE 100 Index rose 2.6 percent at the close of trading in London, with 92 of its shares up. The FTSE 250 Index of mid-cap companies gained 3.6 percent, the most in six years, following its worst two days since 1987. Lloyds Banking Group Plc, Prudential Plc and Hargreaves Lansdown Plc rallied more than 7 percent after financial firms got hit the most in the rout following the Brexit vote.
The FTSE 100 fell less than its regional peers in the past two days, and strategists did something unexpected after Britain chose to leave the European Union: they turned more bullish on a big swath of the country’s shares. HSBC Holdings Plc and Citigroup Inc. have raised their ratings on the U.K.’s biggest stocks, while JPMorgan Chase & Co. and Societe Generale SA said they’re still bullish.
The broader FTSE All-Share Index and Ireland’s ISEQ Index also gained on Tuesday. The regional Stoxx Europe 600 Index advanced 2.6 percent.