Alliance & Leicester

Alliance & Leicester's share price has jumped 40% this morning after the lender announced it is in "advanced" discussions on a possible £1.3bn takeover.

Alliance & Leicester is set to launch a range of mortgage products available via brokers, branches and call centers from 3 June.

Shares in Alliance & Leicester (A&L) tumbled 12% in value this morning after the bank revealed write-downs of £192m for Q1 2008.

Alliance & Leicester chairman Sir Derek Higgs has died suddenly at the age of 64.

Banks are taking a beating in London this morning, but the FTSE 100 is once again being kept afloat by strong miners. The index is up 16.10 points (0.27%) 6050.80 so far.

The FTSE 100 has opened strongly this morning as it looks to correct Wednesday's losses, currently 52 points up (0.88%) to 5945.60.

A late Alliance & Leicester-led rally for the FTSE 100 saved the index from a more significant fall this afternoon, finally closing down 73.30 points (1.23%) to 5893.60.

A solid start on Wall Street was not enough for the FTSE 100 to push into positive territory this afternoon, closing 0.51% lower to 5,880.10.

The FTSE 100 has started the year in fine fashion, up 36.90 points (0.57%) to 6493.80 so far this morning.

Alliance & Leicester today launched a six-year growth and income account, combining a traditional savings approach with a FTSE investment.