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FTSE 100 surges 8 pc on PBR

The FTSE 100 has rallied by 8.92 per cent following a raft of announcements from Chancellor Alistair Darling detailing the Government’s fiscal stimulus planned to boost the UK economy.

By 4.30pm, the UK benchmark index had reached 4,118.37, up 8.92 per cent from today’s open of 3,817.59.

In his pre-Budget report, Darling told the Commons that banks must explore new ways of raising capital aside from the traditional capital rights issues.

UK banks responded positively with Barclays bank extending its gains from this morning to 145.80p, up 9.46 per cent. Barclays was trading strongly in the lead-up to the PBR, boosted by shareholder approval of the group’s capital raising plans announced earlier this afternoon.

Meanwhile Lloyds TSB was also up over 15 per cent to 143.50p and HBOS was up 13.37 per cent to 83.10p.


Watch out for traps

As macro economics dominates, it is no wonder that many clients will fail to see the benefits for them. It is clear that the Chancellor, if not the Prime Minister, hopes the proximity of Christmas will mean the main beneficiaries – those on lower incomes – will feel they can again spend and this infusion of cash into the retail sector will help the country get going.

Freezing point on big pensions

The decision to freeze the pension lifetime allowance at £1.8m from 2010 to 2015/16 looks set to damage pension saving.

Artemis Monthly Distribution Fund: positioning and outlook

Managers James Foster and Jacob de Tusch-Lec outline the fund’s investment approach and discuss current investment themes and outlook for the bond and equity markets. As James and Jacob confirm, the Artemis Monthly Distribution Fund’s aim is to generate an income from both equities and bonds. They explain their investment approach in each asset class, the sectors where they are […]


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