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FTSE 100 peers over 5,000 off the back of bail-out deal

The FTSE 100 crawled over the 5,000 mark this morning following the early approval of the second bail-out plan in the US.

At 10.06 the market was up 1.16 per cent, led by the sharp rise in troubled-bank HBOS’ shares rising by 12.49 per cent, while potential buyer Lloyds TSB is up 5.5 per cent.

The index fell over 5 per cent on Monday, while news of the failure of the first bail-out by the US House of Representatives raised fear that further drops were in the offing only for it not to come to fruition.

Hargreaves Lansdown broker Richard Hunter says: “The market has only moved markedly because we are only half way there. It got to this point last time only for the House of Representatives to reject it on Monday. The FTSE is almost waiting with baited breath and continues to track on the drip-fed information from the US.


Adviser Fund Index

The FSA’s decision to temporarily ban the short-selling of certain stocks caught the City by surprise. The ban, imposed with immediate effect from September 18, prohibits the “active creation or increase of net short positions” in over 30 quoted financial companies until January 16, 2009. Investors are also required to disclose positions greater than 0.25 per cent of the ordinary share capital of the affected firms.

Malcolm Calvert – an apology

On July 24, Money Marketing Online incorrectly reported that Mr Malcolm Calvert of IFA firm Buckland Harvester Ltd was being prosecuted for 12 counts of insider trading by the FSA.

Global equities: time to de-risk?

While equity valuations have doubled since the financial crisis, Simon Edelsten explains that there are still pockets of value. But not where you might think Macro-economic uncertainty is causing turbulence in equity markets. Artemis Global Select Fund manager Simon Edelsten says his investment themes are taking him in a different direction to some of his peers – away […]


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