London stock market rebounds after relief measures

October 9th, 2008 - 6:08 pm ICT by IANS  

London, Oct 9 (DPA) The London stock market rebounded in early trading Thursday, which saw the Financial Times Share Index rise by 3 percent while banking shares were up again sharply.The recovery was led by banks expected to tap the government for new capital pledged in a 50-billion-pound ($87 billion) package Wednesday, and boosted by gains on Far Eastern markets as well as the global interest rate cuts.

Shares in Halifax Bank of Scotland (HBOS) were up nearly 30 percent Thursday, while Royal Bank of Scotland shares rose by 16 percent.

By mid-morning, the FT-Index was up by more than 3 percent, or 137 points to 4,503.59, after closing 5 percent down Wednesday.

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