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FTSE 100 up 1.1%, FTSE 250 adds 0.5%
March 17 (Reuters) - London shares rose at the open on
Friday, with bank stocks rallying as support measures eased
fears of a global banking meltdown and as commodity-linked
stocks tracked commodity prices higher.
By 0815 GMT, the blue-chip FTSE 100 rose 1.1%,
extending gains after rising nearly 1% in the previous session.
Fears of a global banking crisis began to ease after major
U.S. banks offered a $30 billion lifeline for beleaguered First
Republic Bank .
British banks gained 1.4%.
Industrial metal miners took an early lead,
jumping 3.3% as most base metal prices rallied. Energy stocks also surged 3.5% as majors
Shell and BP rose 3.3% and 3.9%, respectively,
tracking higher oil prices.
Crude prices firmed after a meeting between Saudi Arabia and
Russia calmed markets amid strong China demand expectations. The more domestically focussed FTSE 250 midcap index gained 0.5% as Bodycote rose 6.4% after the thermal
processing service provider reported higher full-year revenue.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Savio
D'Souza)
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