FTSE 100 extends gains on Italy announcement

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On Friday UK's FTSE 100 index closed week at 5,552.29, 63 points or 1.2% up, led by banking stocks. Barclays PLC rose 7% HSBC Holdings PLC added 3% while Standard Chartered PLC gained 3.2%. On Monday trade UK benchmark index extended gains after Mario Monti proposed a plan to reduce Italy's debt burden. FTSE 100 gained 0.5% or 26.25 points to 5,578.54 in London morning trade. Financials again were the major supporters for the index as Lloyds climbed 8.5% and Royal Bank of Scotland Group PLC rallied 5.4%.