FTSE makes triple-digit afternoon gains

Updated 14.30 The FTSE has staged triple-digit gains in afternoon trading as banks lead the upward surge, buoyed by the Bank of England's decision to keep rates on hold at 0.5%.

Shortly before 14.00, London's leading shares were up 100 points at 5,115 before tailing off to 5110 at around 14.30. Banking stocks dominate the risers with Lloyds, up 4.88%, leading the pack, followed by RBS (up 4.32%) and Barclays (up 4.15%). The Bank's decision to hold rates for the 16th consecutive month and a sentiment of confidence about the outcome of European stress tests are driving the sector upwards. In addition, banks have benefited from the latest IMF report which upped its forecast for economic growth this year from 4.2% to 4.6%. Completing the leaders' pack is Antof...