Barclays is fast approaching a staggering 70% gain on Monday after its bosses reassured investors on the bank's financial health in an open letter this morning.
The financials sector is sharply higher on the positive sentiment, helping the FTSE 100 climb 41 points, or 1%, to 4,094 so far. As of 11.30am Barclays had advanced more than 32p, or 66%, to 84p.
In the joint letter, chairman Marcus Agius and chief executive John Varley said Barclays had £36bn of committed equity capital and reserves and will report a profit before tax for the year well ahead of the consensus estimate of £5.3bn.
Earlier on Monday, Lloyds Banking Group and RBS were also ahead, by 17.24% to 57.80 and 12.4% to 13.60 respectively.
Insures were also higher. Old Mutual had advanced 5.25% while Aviva was up 4.36%.
The only stock to suffer significantly this morning is building supplies group Wolseley, down 14.42% after it reported a slump in November and December trading.IFAonline
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