FTSE 100 climbs on banks
Thursday 2nd October 2008, 9:27AM BST.
The FTSE 100 continued its rise this morning, opening 31.7 points higher at 4,963.47 as HBOS continued its rally.
Overnight news that the Senate had passed the bailout plan was a boost to sentiment and financials were among the early risers.
The troubled bank, which fell to 88p before a takeover was announced by Lloyds TSB, has slipped again recently on rumours the rescue deal could be in trouble.
Reassurances from the banks, a major investor and the prime minister have helped buoy confidence and HBOS shares rose 21 per cent this morning to 148.10p.
Lloyds TSB shares were also up, trading 10.38 per cent higher by 08:45 BST, while Barclays was also up by 4.44 per cent.
Retailer Marks & Spencer also saw a boost to its share price of 4.34 per cent after announcing spending cuts.
Platinum miner Lonmin continued its slide from yesterday after Xstrata withdrew its offer for the firm. Shares fell by 20.27 per cent.
Last night, the Dow Jones Industrial Average closed at 0.2 per cent down at 10,831.07, ahead of the crucial vote.
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