Business

Banks and builders lead FTSE 100 higher

City traders Image copyright Getty Images

(Close): The FTSE 100 has made strong gains with banks and building firms leading the market higher.

The FTSE 100 rose 3%, to 6,204, adding to Friday's 1% gain.

Stockbroker Hargreaves Lansdown was the biggest winner, with an 8% rise, while Lloyds Banking Group saw its shares gain more than 7%.

Builders Taylor Wimpey and Barratt Developments also saw strong gains, with their shares rising 7% and 6.7% respectively.

"As the UK steps in the crucial Brexit week, we are prepared for... choppy market conditions," said Ipek Ozkardeskaya, market analyst at London Capital Group.

Majestic Wine shares jumped more than 3%, after it reported strong annual results. Like-for-like sales at its Majestic stores were up 4.8% - the first rise in annual sales in four years.

Majestic is in the first year of a three-year revamp of its business and the company's chief executive said: "Early signs are that the plan is starting to work. Strong sales figures reflect the hard work being done on the ground by the whole team."

Energy related shares have been helped by a 2.5% gain for Brent crude oil. Crude oil prices have been helped by a weaker dollar.

On the currency markets, the pound has jumped 2.25% against the dollar to $1.46810 and almost 2% against the euro to €1.29780.