London shares rose at the open on Thursday, as banking stocks rebounded after Credit Suisse said it would borrow funds from the Swiss central bank, injecting some confidence in the banking sector, while Rentokil jumped after posting a higher profit.

UK’s blue-chip FTSE 100 gained 1.2% by 0813 GMT, rebounding from its steepest fall in over a year on Wednesday.

British banks gained 2.1%, after falling 5.6% in the previous session.

Credit Suisse shares jumped nearly 30% on plans to borrow up to $54 billion from the Swiss National Bank (SNB) to shore up liquidity and investor confidence.

HSBC and Barclays were amongst the top gainers on the FTSE 100, rising 2.2% and 3.1% respectively.

FTSE 100 opens lower as banking rout dents risk appetite

Rentokil Initial jumped 6.6% to the top of the FTSE 100 after the pest control services provider posted a nearly 28% jump in full-year adjusted profit.

The more domestically-focussed FTSE 250 midcap index gained 1.2% as asset manager Bridgepoint Group rose 6.8% after reporting a higher revenue for 2022.