Banks help UK stocks start the week on a strong footing

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 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.

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 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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