The FTSE 100 has recouped initial losses in early trading, with financials providing support on the back of plans by Lloyds to redeem the Government's £4bn stake of preference shares in the group.
London's blue-chip index is up 0.31% to 4,361.42 while Lloyds has climbed 7.62% to 96 points. The bank has announced a placing and open offer priced at 38.43p a share. Proceeds from the main sale of any shares not taken up by qualifying investors are due to be returned to shareholders not participating in the placing. Lloyds also confirmed chairman Sir Victor Blank will step down in the next year while Lord Leitch has been named as the new deputy chairman. HSBC and Standard Chartered are also up 2.54% to 545.50 points and 3.23% to 1,213.00 points respectively. Meanwhile, miners are in...
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