FTSE advances after Bank of America bail-out

clock

The FTSE 100 made a rapid 1.5% gain in early trading on Friday as miners and banks made steady progress.

The Royal Bank of Scotland Group was the biggest mover after its share price climbed by more than 6%. The rise followed news Bank of America, the US's largest bank, will receive $20bn of government aid and $118bn of guarantees against bad assets in return for a stake in the company. The emergency funding, which comes on top of a recent $25bn capital injection from the Troubled Assets Relief Programme, will help the bank absorb the losses it incurred when it bought Merrill Lynch. Fears the company's worsening capital base could filter through to the wider economy sparked the government...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Partner Insight: Beyond 60/40

Partner Insight: Beyond 60/40

Invesco
clock 25 March 2024 • 5 min read
'Fundamental shift': Why transparent investing really matters

'Fundamental shift': Why transparent investing really matters

‘There needs to be a concerted shift towards greater openness’

Simon Camilleri
clock 18 March 2024 • 4 min read
Partner Insight: Passive and active — the case for both

Partner Insight: Passive and active — the case for both

Invesco
clock 18 March 2024 • 4 min read