London market recovers after days of turmoil
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Fri, 19 Sep 2008 10:43
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London - Bank shares rallied in early trading on London's stock market Friday as new restrictions on speculative trading came into force. The Financial Times Index (FTSE-100) was up by more than 6 per cent after the Financial Services Authority banned so-called short-selling, a practice in which traders look to profit from falling share prices. As markets opened, the FTSE-100 index was up 240.7 points, taking it above the crucial 5000-point mark to 5120.7 points. The temporary ban, to last until January, came into effect at midnight Thursday. Mortgage lender HBOS, which agreed to a merger with Lloyds TSB, saw its shares rise by 28 per cent, while Lloyds TSB registered a 43-per cent increase in its share price.
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