Ftse reaches 13-month high after rally from blue-chip bank stocks

The UK’s premier index briefly reached a 13-month high thanks to surging oil prices and a strong rally from blue-chip banking stocks.

The Ftse 100 Index touched 6,829.47 — its highest level since June 25 last year — before paring back gains to close up 15.66 points to 6,809.13.

Heavyweight financial stocks led the charge on the London market, with Barclays among the biggest risers after being handed an upgrade from neutral to outperform by Exane BNP.