FTSE rises ahead of Greek debt swap
Filed under: News
Fears earlier this week that too few bondholders will participate have receded, resulting in an improvement in the risk appetite of investors.
Miners such as Vedanta Resources, which lifted 35.5p to 1379.5p, drove the improvement, while supermarket chain Morrisons was up 2% after it published full-year figures slightly ahead of market expectations.
Morrisons, which has 455 stores in the UK, recorded an 8% rise in underlying profits to £935 million in the year to January 29, as like-for-like sales rose by 1.8%. The City had been expecting profits of around £922 million.
There was also a further improvement for insurer Aviva as chief executive Andrew Moss increased operating targets in the wake of a 6% rise in 2011 profits.
Shares were up 2% or 7.1p to 358.1p and have rallied by around 30% since December as the eurozone crisis eases, a trend reflected in a jump in Aviva's solvency cushion to £3.3 billion at the end of February.
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