- Miners jump as investors seek riskier assets.- Officials optimistic about securing Greek bailout.- PBoC cuts RRR for banks. With the possibility of a Greek bailout edging closer, and China moving to ease fears of a 'hard-landing' over the weekend, UK stocks had extended gains by lunchtime, with resource stocks and banks in demand as investors sought out 'riskier' assets.Eurozone finance ministers and Greek Prime Minister Lucas Papademos are set to meet in Brussels this afternoon with hopes of securing the country's €130bn bailout. Austrian Finance Minister Maria Fekter told national TV yesterday that "it looks like" ministers will reach an agreement. "I don't think there will be a majority to go down any other avenue", she said. The issues on the table include not only the €130bn but also a deal with private sector lenders who will be forced to take a 70% cut in the loans they made to Greece. Another key issue is the target of getting Greece's debt-to-GDP ratio to 120% by 2020. This is the level which the International Monetary Fund believes is "sustainable", thus allowing it to contribute to the bailout. Greek Finance Minister Evangelos Venizelos has said that today's meeting will bring "a long period of uncertainty to a close ... a period that benefitted neither the Greek economy nor the euro area overall."Late on Friday the People's Bank of China (PBoC) announced on its website its decision to cut its legal reserve ratio requirement (RRR) for large banks by half a percentage point. The new rate is 20.5%. That is the second such easing since the beginning of the financial crisis. While the central bank has long been expected to carry out such a decision the move may come as a small surprise to some observers, due to the exact timing chosen by authorities.RESOURCE STOCKS ON THE UPMining stocks and banks were performing well by midday as Greek optimism and Chinese policy easing spurred buying. Mining peers Kazakhyms, Eurasian Natural Resources Corp, Antofagasta, Rio Tinto and BHP Billiton were leading the gainers on the Footsie, all rising at least 3% each.Banking peers Royal Bank of Scotland and Lloyds were also on the rise. Five directors of Lloyds, including the previous Chief Executive, will be forced to pay back some of their 2010 bonus, reports the Telegraph. Lloyds has had to set aside £3.2bn to cover claims arising from the mis-selling of payment protection insurance (PPI), it's those losses which have prompted the so called "claw back" exercise. Defensives were firmly out of favour as investors shifted positions into relatively riskier assets. Utilities peers Severn Trent, United Utilities and National Grid were down, joined by pharma giants Shire and AstraZeneca.Costa Coffee and hotel owner Whitbread was being weighed down by comments by Credit Suisse today. While the Swiss broker gives the stock a neutral rating, it gave a short-term sell recommendation this morning: "We expect subdued UK RevPAR [revenue per available room] trends will cause Whitbread's pre close to disappoint and with the stock trading just 7% below through cycle multiples we recommend reducing holdings ahead of the 28 February update."FTSE 250: CSR SURGES AS REVENUES RISEWireless technology and computer chip company CSR soared after reporting an increase in fourth quarter revenue, towards the top end of management expectations, following good momentum across its markets. The Cambridge-based firm said revenue rose to $244m for the final quarter to 30 December 2011 from $184.8m the previous year. However operating profit for the period fell to $0.6m from $8.1m before, which includes $41.1m of acquisition related charges. SEGRO, the European industrial property firm, rose after offloading a portfolio of five "non-core" UK industrial estates to Ignis Asset Management for £80.2m. The disposal of the five estates is in line with the group's strategy announced in November 2011 to focus its UK multi-let industrial portfolio on London and the South East. UK Commercial Property Trust (UKCPT), which has spent £60.51m on three of the estates, is also higher. Elsewhere, identity theft and credit card insurer CPP was suspended from trading as the Financial Services Authority (FSA) undertakes a review of certain past business sales and makes various changes to its renewals process. CPP is not happy about the FSA's request. Though it has acknowledged that a review in to past business practices is appropriate, the board of CPP thinks the FSA's intervention is disproportionate and threatens the viability of the business. High street sports retailer JJB Sports was a big mover after saying that second half like-for-like sales were 7.6% down, an improvement from the 17.9% fall seen in the first six months of the year, helped by a strong Christmas. Shares rose rose over 12%.BCFTSE 100 - RisersKazakhmys (KAZ) 1,163.00p +3.47%Eurasian Natural Resources Corp. (ENRC) 727.50p +3.41%Rio Tinto (RIO) 3,741.50p +3.30%Royal Bank of Scotland Group (RBS) 28.49p +3.22%Wolseley (WOS) 2,483.00p +3.16%BHP Billiton (BLT) 2,086.50p +3.14%Antofagasta (ANTO) 1,344.00p +3.07%Vedanta Resources (VED) 1,350.00p +2.90%Lloyds Banking Group (LLOY) 36.48p +2.89%Weir Group (WEIR) 2,109.00p +2.83%FTSE 100 - FallersSevern Trent (SVT) 1,527.00p -1.55%United Utilities Group (UU.) 601.00p -1.23%Tate & Lyle (TATE) 699.00p -1.20%Shire Plc (SHP) 2,253.00p -1.10%Imperial Tobacco Group (IMT) 2,496.00p -0.91%National Grid (NG.) 640.00p -0.78%Reckitt Benckiser Group (RB.) 3,575.00p -0.50%Morrison (Wm) Supermarkets (MRW) 295.90p -0.47%Associated British Foods (ABF) 1,222.00p -0.33%Smith & Nephew (SN.) 631.00p -0.32%FTSE 250 - RisersCSR (CSR) 273.00p +19.89%Aquarius Platinum Ltd. (AQP) 148.00p +7.01%Ocado Group (OCDO) 100.50p +4.63%Home Retail Group (HOME) 113.90p +4.40%African Barrick Gold (ABG) 462.00p +4.27%Bodycote (BOY) 351.30p +3.78%Persimmon (PSN) 610.00p +3.74%Ferrexpo (FXPO) 342.40p +3.63%Kesa Electricals (KESA) 86.45p +3.59%Greggs (GRG) 559.00p +3.52%FTSE 250 - FallersHomeserve (HSV) 239.70p -3.85%Aveva Group (AVV) 1,655.00p -2.59%Restaurant Group (RTN) 304.20p -1.78%Brown (N.) Group (BWNG) 248.90p -1.62%TalkTalk Telecom Group (TALK) 141.10p -1.60%Rathbone Brothers (RAT) 1,253.00p -1.42%Carpetright (CPR) 634.00p -1.17%Inmarsat (ISAT) 477.40p -1.08%Pennon Group (PNN) 698.50p -1.06%Kenmare Resources (KMR) 58.40p -1.02%
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