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Fri City Brief: FTSE hits new heights

The FTSE 100 broke the milestone 7,000 this afternoon, surging to 7,022.51 pts as Greek exit fears receded and traders reacted warmly to George Osborne’s Budget.

US stocks also rallied supported by healthy gains in European markets on hopes the Greek government and the EU can work out a deal in Brussels.

The New York, the Dow Jones Industrial Average was up 137 points in early trade, while the S&P 500 and the Nasdaq gained 14 and 34 points respectively.

A joint statement by Greece and their EU counterparts said the country will submit a “full list of specific reforms” in the next few days and the Greek prime minister, Alexis Tsipras, said he was optimistic the EU will work to restore funding as soon as possible.

TSB shares were up 2% in early trade after the bank agreed to be taken over by Sabadell in a 340p a share deal that values the British high street lender at £1.7bn.

Cement maker CRH was the biggest gainer on the main index after building materials giants Lafarge and Holcim agreed upon terms for a merger.

 

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