Global banks rise as markets digest Basel III reforms

Global banking shares drove markets higher today following the outcome of the Basel III Committee meeting to reform the banking sector.

The FTSE gained 1.05% or 57.92 points to reach 5,559.75 by 3.15pm, lead by the financial sector as markets digested the implications of the new 7% minimum capital buffer imposed on the banks. The sector gained 1.94%, with capital goods and basic materials also performing strongly, up 1.96% and 2% respectively. Lloyds rose 3.21% and Royal Bank of Scotland climbed 2.82%, making them the strongest performers among the big banks. Standard Chartered, HSBC and Barclays also saw their share prices climb. Meanwhile insurance giant Prudential moved 3.5% higher to 620p per share on the ba...