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FTSE 100 continues rally despite Standard Chartered share plunge

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The FTSE 100 has continued to rally on Tuesday despite a sharp share plunge from banking giant Standard Chartered.

At close, the blue-chip index rose 0.6 per cent to stand at 5841.24, despite the UK-based bank having over 16 per cent wiped off its share price after the New York State Department of Financial Services alleged the bank hid £160bn in transactions linked to Iran, which violates US law.

Standard Chartered has denied the allegation, which has caught out over 60 investment funds in the IMA universe with large holdings in the bank.

Miners continued to lead the FTSE 100 into positive territory with Evraz making the largest gain, having seen its share price rise by over 10 per cent.

Markets across Europe also rose with the French Cac 40 and the German Dax increasing by 1.5 and 0.7 per cent, respectively. The Madrid IBEX climbed 2 per cent while the FTSEurofirst 300 was closed 0.6 per cent higher.

US markets also rose in morning trades with the Dow Jones increasing by 0.6 per cent and the Nasdaq 0.9 per cent at 16.56 BST.

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