FTSE up for second day as banks fight back from post-Brexit slump

By: | Published: June 29, 2016 2:53 PM

Britain's top share index climbed for a second straight session on Wednesday, led higher by financials and commodities-related stocks, on expectations the Brexit process might not start anytime soon.

FTSE, Brexit slumpBritain’s outgoing Prime Minister David Cameron said he had not faced overwhelming pressure to trigger immediately the exit clause in the EU treaty, despite some public statements to the contrary. (Reuters)

Britain’s top share index climbed for a second straight session on Wednesday, led higher by financials and commodities-related stocks, on expectations the Brexit process might not start anytime soon.

The blue-chip FTSE 100 index was up 1.6 percent in early trading, building on the previous session’s 2.6 percent jump, after falling sharply on Friday and Monday following the result of a landmark referendum to leave the European Union.

Britain’s outgoing Prime Minister David Cameron said he had not faced overwhelming pressure to trigger immediately the exit clause in the EU treaty, despite some public statements to the contrary.

ALSO READ: Britain’s FTSE rallies as EU membership ‘Remain’ camp regains ground

“Traders are focusing on a more positive side and they pounce on the opportunities which have arisen from the recent sell-off and try to bag some bargains,” Naeem Aslam, chief analyst at TF Global Markets, said.

Financials – which had slumped in the aftermath of last week’s Brexit vote – were among the top gainers.

The UK banking index and the life insurance index rose 2.3 percent and 2.8 percent respectively, while mining stocks also climbed 1.9 percent.
Shares in Prudential, Old Mutual, Barclays  and Anglo American were 3.4 to 3.6 percent higher.

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