Morning Markets: FTSE up 1% as Greece concerns ease

The FTSE 100 jumped 53.6 points (1%) to 5,777.25 in early trading after Asian stocks rose overnight and concerns over a Greek default eased.

Mining and banking stocks were the biggest gainers with mining giant Xstrata leading the way, up 3.2% to £12.50 and Royal Bank of Scotland 2.87% higher at 57.40p. Housebuilders rose after Redrow gave an upbeat trading update, saying selling prices were up. Redrow shares added 4% to £17 while Taylor Wimpey climbed 5.1% to 45.50p. Intertek Group led the losers, dropping 1.64% to £15 and British Sky Broadcasting Group falling 0.16% to 629p In the US the Dow Jones index ended 0.6% higher on Friday at a 19-month high of 11,204.28 points. The focus moved away from Greece and its need ...