What's making the news in early morning trading?
The FTSE this morning has been cheered by the weekend's news of a massive euro-bailout of Spain's struggling banks. The plan to hand out up to €100bn to Spanish banks crippled with debt has calmed supporters of the euro, and stock markets across the continent have responded with a welcome move upwards, away from their longer-term decline.
The FTSE 100, as I write, is up 70 points to 5,506, a gain of 1.3%, with the German DAX and the French CAC-40 recovering even more. But which UK shares are leading the way?
Respite for the banks
Not surprisingly, it's the banks that are rallying the strongest, as fears they'll go down with the euro recede. Lloyds Banking Group (LSE: LLOY) is the biggest early riser, with an early gain of 6.3% to just a fraction short of 30p -- in fact, it's up about 20% on a week ago.
The other taxpayer-owned bank, Royal Bank of Scotland (LSE: RBS), isn't far behind, with a 4.8% rise to 234p, and Barclays (LSE: BARC) is in bronze medal position after gaining 4.5% to 199p.
Asset manager Schroders (LSE: SDR) and insurer Aviva (LSE: AV) also benefited, putting on 3% in early trading, to reach 1,271p and 280p respectively.
A couple of nice risers
Among non-financials, Enterprise Inns (LSE: ETI) continues its recent recovery, with a 4.5% price rise to 65p. The firm announced a new £220m banking facility on 1 June, which has added confidence to the more-than-doubling of the share price since the start of the year.
Wolseley (LSE: WOS) has turned in an impressive share price performance of late, nearly doubling from an October low of £14 to £26.60, before dropping back a little. This morning, the shares are up 3% to £22.80.
Down at the bottom, there's really not much to report on this unusually bullish day, and the only real faller is Yell Group (LSE: YELL), which continues its slide as it struggles to make money by providing information in such a highly competitive market. The shares lost 2.5% in morning trading, falling to 1.4p. Overall, they're down around 75% from a year ago.
Supermarkets dropped a penny or so, with Tesco (LSE: TSCO) falling by 1.4p to 302p following reports that the supermarket has seen its quarterly sales fall, and J Sainsbury (LSE: SBRY) dropping 1p to 289p. Similarly, United Utilities (LSE: UU) had 3.5p shaved off its price to reach 677p. But that's all just noise, really, and we should enjoy a rare positive day for UK shares.
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> The Motley Fool owns shares of Tesco.