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Banks rally after stress tests

The FTSE 100 opened higher at 4,414 with banks pushing ahead following the results of the US stress tests.

Banks responded well lifting the index 0.91 per cent higher by 9.34am to 4,439 from Thursday’s close of 4,399.

Royal Bank of Scotland up 11.5 per cent to 46.40p, Lloyds Banking Group was up 4.4 per cent to 101.30p and HSBC was up 2.3 per cent to 567.50p.

Last night, ten of the 19 US banks were told by regulatory officials they need a combined sum of around £50bn to boost capital reserves. Bank of America had the biggest shortfall, needing an extra £22.5bn.

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