Signs of Hope Trigger Rise in Finance Shares; Analysis

Western Mail (Cardiff, Wales), March 11, 2009 | Go to article overview

Signs of Hope Trigger Rise in Finance Shares; Analysis


Byline: Tim Jenkins

TRADERS were in bullish mood yesterday led by financials and miners. Citigroup's CEO said the bank had a great start to the new year and it is poised to continue in a similar vein.

This was enough to give investors a green light and in the UK banks led the FTSE 100 up in early trading. As if that wasn't enough, remarks from the US Federal Reserve chairman, which suggested the recession could end this year, added to upward momentum.

Ben Bernanke's comments seemed to be in stark contrast to the IMF which warned the "depression" will be severe and longlasting.

Like dieters who promise themselves a treat when they get to their target weight, traders had suffered enough in the past two weeks and were hell-bent on maximising any positive sentiment and blocking out any detractors.

So they did just that.

HSBC closed on Monday at 349p and at the open yesterday the share shed five points. But within hours the stock had rallied to 414p before selling off brought it back to 399p. A research note from Credit Suisse said UK banks were now investable and in particular Barclays was upgraded from neutral to outperform. Barclays, Lloyds and RBS all closed up at 67.5p, 50.8p and 21p respectively.

However, some analysts still don't fancy the sector due to ongoing volatility risks.

Barclays is reportedly mulling over the option of passing pounds 10bn of toxic assets to the Treasury's asset insurance scheme. …

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