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FTSE rally continues after govt bail out

UK stocks on the FTSE 100 rallied in opening trades today, gaining on yesterday’s close of 4256,90 to open at 4,301.53 after a strong overnight performance on Wall Street.

At 9am, the UK benchmark index was up 3.65 per cent to 4,412 after news of the British government’s £37bn rescue package and euro-zone intervention lifted stocks on the Dow Jones and Nikkei indices last night.

Confidence appears to have restored in the UK banking sector this morning with high street bank Barclays strengthening 5.69 per cent to 227.5p. Lloyds TSB is also up 2.47 per cent to 166p, HBOS is up 4.56 per cent to 94.10p and Royal Bank of Scotland has gained 4.26 per cent to 68.70p per share.

Investors will be watching for news from the US Treasury who is expected to unveil details of its own recapitalisation plan for the US banking sector later today.

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