Global markets rally after Greek austerity vote

Global markets surged this morning following yesterday's green light for Greece's five-year austerity plan.

Fears over a banking crisis eased in the short term as Greece secured a €110bn loan from the IMF after passing the austerity measures.

The FTSE gained 0.56% or 32 points at 8.30am, pushing the index up to 5,888.

BG Group is top of the leaderboard, up 6.18% or 84 points to £1.43, on the back of the company doubling its estimate of oil supplies in its Santos Basin site in Brazil.

The group raised its estimate from 4 billion barrels of oil to 8 billion.

Brent crude has continued its rally, up 3.3% yesterday, gaining 0.14% to $113 a barrel in early trading.

On Wall Street, the Dow Jones had its best three-day run in three months, up 0.6% or 72 points to 12,261, buoyed by the news from Greece, while overnight in Asia the Nikkei advanced 0.19% or 18 points to 9,816.