FTSE stages spectacular bounceback

Banks jumped by as much as 16% today as investors piled back into shares following the deal to stop the Greek debt crisis from spreading.

The FTSE 100 Index, which fell 2.6% on Friday and by more than 7% over the week as a whole, recovered in spectacular fashion, adding 5.2% or 264.4 points to 5387.4. This was the top flight’s best session since December 2008.