(Sharecast News) - London's FTSE 100 was up 1.7% at 5,942.13 in afternoon trade on Monday.
HSBC was the top performer after its biggest shareholder, China's Ping An Asset Management, lifted its stake in the bank. Ping increased its stake to 8% from 7.95% despite escalating tensions between the US and China.
A spokesperson from Ping told Bloomberg that it remains confident in HSBC's long-term prospects and that the recent drop in the share price and valuation only increases HSBC's appeal.
Lloyds, NatWest, Standard Chartered and Barclays also gained.
Property stocks Land Securities and British Land were both up as FTSE 250 peer Great Portland Estates surged after private equity firm KKR bought a stake in the property company. According to a regulatory filing out late on Friday, KKR has taken a 5.35% stake.
The news provided a much-needed boost, with property stocks having taken a big hit from the coronavirus pandemic as tenants struggle to pay their rents due to store closures, while a push to home working has affected office spaces.
On the downside, engine maker Rolls-Royce slid. CMC Markets analyst Michael Hewson said: "The constant procrastination over a £2.5bn rights issue continues to batter Rolls Royce share price, as speculation over a deep discount prompts further weakness.
"More stories in the weekend press after last week's reports that the Kuwait Investment Office was interested in taking a stake have seen the share price take another dive amidst speculation that the issue could be priced at £1 a share."
FTSE 100 - Risers
HSBC Holdings (HSBA) 309.40p 9.19%
Land Securities Group (LAND) 530.00p 8.08%
Diageo (DGE) 2,695.00p 6.88%
Lloyds Banking Group (LLOY) 26.37p 6.69%
NATWEST GROUP PLC ORD 100P (NWG) 106.25p 6.66%
British Land Company (BLND) 343.20p 6.58%
Legal & General Group (LGEN) 188.85p 6.10%
Standard Chartered (STAN) 357.00p 6.00%
Barclays (BARC) 96.86p 5.80%
Standard Life Aberdeen (SLA) 220.40p 5.51%
FTSE 100 - Fallers
Rolls-Royce Holdings (RR.) 146.25p -5.49%
Kingfisher (KGF) 289.90p -2.03%
GVC Holdings (GVC) 984.40p -1.40%
International Consolidated Airlines Group SA (CDI) (IAG) 93.78p -0.91%
Admiral Group (ADM) 2,665.00p -0.86%
Hikma Pharmaceuticals (HIK) 2,556.00p -0.54%
GlaxoSmithKline (GSK) 1,466.80p -0.52%
Rio Tinto (RIO) 4,713.00p -0.42%
Flutter Entertainment (FLTR) 12,655.00p -0.20%
Vodafone Group (VOD) 103.72p -0.08%
* All three major stock indexes end lower* Dollar, oil lower* Eyes on Fed minutes (New throughout, updates to U.S. market close)By Caroline ValetkevitchNEW YORK, May 18 (Reuters) - Wall Street stocks fell on Tuesday, with technology shares turning ...