LONDON (AFP) –
London stocks surged on Wednesday, with the FTSE 100 gaining more than two percent on a strong performance by banks.
The FTSE added 2.40 percent to close at 4,295.20 points.
The Royal Bank of Scotland (RBS) was the most traded stock, seeing 478 million units change hands, followed by Vodafone which saw 148 million shares switch owners.
The banking sector continued its recent recovery, as a major US bailout package neared approval and after gains across Asia and overnight on Wall Street, traders said.
Lloyds Banking Group was the day's top gainer, soaring 50.4 percent -- or 33.8 pence -- to close at 100.9, followed by RBS, which added 35.7 percent -- or 5.6 pence -- to end at 21.3.
On the downside, Swiss mining giant Xstrata was the session's biggest loser, shedding 62 pence -- or 9.05 percent -- to close at 623. Sugar refiner Tate & Lyle also lost, shedding 2.41 percent -- or 8.5 pence -- to end at 344.