Northern Rock this morning continues its topsy-turvy ride on the FTSE, which has climbed 0.88% to 6490.3 in early trading, as talk of a takeover by a private equity firm gathers pace.
The bank, having shown signs of recovery on the index yesterday evening, has this morning climbed 10.5 points, or 5.77%, to 192.5p
Following closely behind is HBOS, which has climbed 43p, or 4.93%, to 916p, and building firm Taylor Wimpey, up 11.25 points, or 4.36%, to 269.25p.
Stemming the gains though are Smith & Nephew, down 10.5 points, or 1.78%, to 579p, Sage Group, down 3.5p, or 1.38%, to 249.75p, and Resolution, down 8.5p to 686.5p.
In the US, a fairly static Dow Jones yesterday closed up 99.5 points, or 0.72%, on 13878.15.
GEN Motors was the day’s biggest earner, climbing 3.22 points, or 9.36%, to 37.64. It was followed by Alcoa, up 1.47 points, or 3.97%, to 38.47, and Pfizer, up 0.34 points, or 1.4%, to 24.58.
Marginal losses were suffered by Hewlett Packard, Boeing, and Home Depot.
In Japan, stocks climbed to their highest in seven weeks, boosted by news that Warren Buffett will buy a stake in Bear Stearns which, in turn, boosted confidence lenders will recover from the subprime crisis.
In Tokyo, the Nikkei 225 Stock Average added 396.48, or 2.4 percent, to 16,832.22.
Toyota, poised to become the world's biggest automaker, rose 80 yen, or 1.2% to 6,690, while Sony gained 160 yen, or 3%, to 5,590.
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