The swift advance of banks on the FTSE this morning may represent the clearest sign yet the UK markets view yesterday's events as the beginning of the end of a financial crisis described as the worst since the Great Depression.
The Royal Bank of Scotland (RBS), HBOS, Lloyds TSB and Barclays have all gained over 30% in share price helping the FTSE climb more than 388.3 points, or 7.96%, to 5,268.3. The takeover of HBOS by Lloyds TSB was followed by news the City regulator has imposed a temporary ban on the short-selling of bank shares. Across the Atlantic the US Government also announced it is considering ways of ridding American banks of their bad debts, helping the Dow Jones to huge gains. RBS has advanced 44.47%, to 233.75, followed by HBOS, up 38.47% to 239, and Lloyds TSB, up 35.79% to 322.5. Marginal losse...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
