Banks keep FTSE buoyant on Spain bailout hopes

LONDON, Oct 17: Britain’s top share index advanced on Wednesday, building on the previous session’s strong gains, as investors grew increasingly confident that Spain was edging closer to asking for a bailout.
The FTSE 100 was up 12.81 points, or 0.2 percent, at 5,883.35 by 0715 GMT, having jumped 1.1 percent on Tuesday with traders citing a media report that Germany could adopt a softer approach towards financial aid to Spain.
Banks, the top performers on Tuesday, helped support the index, which was ahead by 0.5 percent.
‘We think that we’ll see follow-through for the next couple of days,’ Joe Rundle, head of trading at ETX Capital,  said.
‘Our clients have been short pretty much for the last two months and we’ve seen them pile in, close their shorts and go long in the last few days, so it’s a big momentum switch for us. It doesn’t happen that often.’ (AGENCIES)


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