Markets steady after Cyprus turmoil


World markets have steadied as investors shook off eurozone worries sparked by a plan to make Cypriot savers contribute to the country's bailout.

Japan's Nikkei 225 index jumped 1.8% after falling by 2.7% on Monday, while the FTSE 100 Index was near to its opening mark, down 13.7 points at 6444.1.%VIRTUAL-SkimlinksPromo%
Cypriot banks remain closed until Thursday while authorities try to modify the deal to lessen the impact on small depositors. The euro, which took a battering, is holding firm with the pound worth just under 1.17.

Sainsbury's was the biggest riser in the top flight, up 3% or 9.6p to 374.8p, after another batch of impressive quarterly sales figures.

The grocery chain said it increased market share in the 10 weeks to March 16, with 3.6% growth in like-for-like sales and an improvement in the average number of transactions per week to a record 22.9 million.

That is much stronger than the 2.3% estimated by City analysts and comes after growth of 1.7% in the first half of the year and 0.9% in the previous quarter.

Miners dominated the FTSE 100 fallers board, with Rio Tinto off 119.5p to 3157.5p and Petra Diamonds 7.3p lower at 117.8p.

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