• From The BBC:

    The FTSE 100 share index has closed more than 400 points higher, its biggest one-day rise, after the US confirmed a financial bail-out plan.
    It ended the day 8.8% higher at 5311.3 points. But after a turbulent week on the markets, the FTSE was 105 points lower than its value on Monday.
    Banking shares were amongst the biggest gainers, with Royal Bank of Scotland up 32% and Barclays and HBOS both up 29%.
    They were helped by a ban on short-selling of financial shares.

    The restriction was announced late on Thursday by the Financial Services Authority (FSA) which banned short-selling in a number of financial shares.
    Short-selling involves traders profiting from falling share prices. The technique works when investors borrow shares from another investor, and then sell them hoping the price will fall.
    The aim is then to buy back the asset at a lower price and return it to its owner, pocketing the difference.
    Previously anyone could short a position in a company’s shares, but typical…

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    Posted by Jon @ 9:01 am

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