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.

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.

The five worst financial crises of our time

The five worst financial crises of our time