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Reply #37: FTSE rebounds, banks lead as Fed verdict expected [View All]

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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-18-08 08:04 AM
Response to Reply #36
37. FTSE rebounds, banks lead as Fed verdict expected
Tue Mar 18, 2008 12:21pm GMT
LONDON, March 18 (Reuters) - Britain's FTSE 100 .FTSE index surged 2.6 percent by midday on Tuesday as hopes of a chunky U.S. rate cut lifted shares and helped banks rebound from steep falls on Monday after the Bear Stearns (BSC.N: Quote, Profile, Research) firesale.

At 1202 GMT, the blue-chip index was 142.8 points higher at 5,557.2 after the FTSE 100 hit its lowest closing level since late 2005 on Monday.


UK banking and financials benefited most from the positive sentiment, accounting for over 42 index points. Among individual stocks, Barclays (BARC.L: Quote, Profile, Research), HSBC (HSBA.L: Quote, Profile, Research) and HBOS (HBOS.L: Quote, Profile, Research) added between 3.8 and 5.6 percent.


"You can't make an intelligent, forward conviction because you just don't know (what lies ahead)," Richard Cunningham, analyst at City Index Advisory said. "That said, I suspect we may push ahead a bit further from here over the next few days...some of these stocks have been significantly oversold."

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