Wall Street Cornerstone Citigroup Inspires UK Banking Resurgence; Britain

The Birmingham Post (England), July 19, 2008 | Go to article overview
Save to active project

Wall Street Cornerstone Citigroup Inspires UK Banking Resurgence; Britain


The FTSE 100 Index powered 1.7 per cent ahead for a second day of strong gains after a dramatic U-turn on relief over Citigroup's first-quarter figures.

London's blue chips extended the 2.5 per cent rally on Thursday after a turbulent week, which saw the Footsie plunge to three-year lows before recovering over two days.

Better-than-expected results from Wall Street banking giant Citigroup helped continue the bounce back from bankings, which drove the FTSE 100 90.1 points higher to 5376.4.

Citi posted a pounds 1.25 billion second-quarter loss, well ahead of the pounds 3bn deficit feared.

It prompted a reversal of more than 130 points, with the FTSE 100 having been mired in negative territory during mid-morning.

US-facing building supplies firm Wolseley led the charge amid hopes the credit writedown corner may have been turned. The group's shares closed up more than 14 per cent, or 41.25p to 327p.

Barclays followed, confirming it raised pounds 4.5 billion of new capital through a share issue.

Wealthy overseas investors such as sovereign wealth funds are providing most of the funds after just 19 per cent of existing shareholders took part. Shares were initially flat after the news, but jumped 10 per cent, or 29.75p to 320.25p, amid the Citi-inspired rally.

Lloyds TSB was next, adding 30.5p to 331p, with Royal Bank of Scotland enjoying a second day rebound, ahead 10 per cent, rising 18.1p to 197.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

Wall Street Cornerstone Citigroup Inspires UK Banking Resurgence; Britain
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?