Post-Brexit Rebound Sees FTSE 100 Set For Biggest Weekly Rise Since 2011

LONDON (Reuters) – Britain’s top share index rose for a fourth straight session on Friday, leaving it set to post its biggest weekly rise in 4-1/2 years as banks rebounded after a sell-off following Britain’s vote to leave the EU.

Britain’s FTSE 100 was up 15.12 points, or 0.3 percent, at 6,519.45, taking gains on the week to 6.2 percent. That left the index set for its biggest weekly gain since December 2011.

Following a two day sell-off after Britain voted to leave the EU in a referendum last week, the FTSE 100 has rebounded strongly, led by rises in its dollar earners and commodity stocks, which are insulated from uncertainty over the domestic economy.

On Friday the big risers were banks, up 1.2 percent overall, with Lloyds, Barclays and RBS each up 2-3 percent.

Although the sector remained 10 percent lower since the referendum, it was buoyed after Bank of England Governor Mark Carney said on Thursday the central bank would probably need to pump more stimulus into Britain’s economy over the summer after the shock of the Brexit vote.