Banks help UK stocks to surge

UK equities surged on Monday, helped by a gain in bank stocks on renewed hopes that the turmoil in the sector will be contained following the buyout of Silicon Valley Bank, while Standard Chartered (LON:STAN) jumped after agreeing to sell its Jordanian business.

Standard Chartered Plc rose 2.2% after the lender said it would sell the business to Arab Jordan Investment Bank (AJIB) as part of its plan to narrow its focus to faster-growing markets in the region.

Overall, banks rose 2%, as U.S. lender First Citizens BancShares Inc said it would purchase the loans and deposits of Silicon Valley Bank.

Fidelity Special Values PLC (LON:FSV) aims to seek out underappreciated companies primarily listed in the UK and is an actively managed contrarian Investment Trust that thrives on volatility and uncertainty.

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