Archive for January, 2009

FTSE closes 2.4% higher (AFP)

Wednesday, January 28th, 2009 | Finance News

London stocks surged on Wednesday, with the FTSE 100 gaining more than two percent on a strong performance by banks.

The FTSE added 2.40 percent to close at 4,295.20 points.

The Royal Bank of Scotland (RBS) was the most traded stock, seeing 478 million units change hands, followed by Vodafone which saw 148 million shares switch owners.

The banking sector continued its recent recovery, as a major US bailout package neared approval and after gains across Asia and overnight on Wall Street, traders said.

Lloyds Banking Group was the day's top gainer, soaring 50.4 percent -- or 33.8 pence -- to close at 100.9, followed by RBS, which added 35.7 percent -- or 5.6 pence -- to end at 21.3.

On the downside, Swiss mining giant Xstrata was the session's biggest loser, shedding 62 pence -- or 9.05 percent -- to close at 623. Sugar refiner Tate & Lyle also lost, shedding 2.41 percent -- or 8.5 pence -- to end at 344.


Obama calls for national effort to overcome crisis (Reuters)

Wednesday, January 28th, 2009 | Finance News

WASHINGTON (Reuters) –
President Barack Obama said on Wednesday that he was confident the downtrodden U.S. economy can be turned around provided that everyone pitches in.

After a White House meeting with top business executives, Obama told a press conference it was necessary that everyone "chips in so that we can climb our way out of this crisis, executives and factory floor workers" said it must happen without delay.

(Reporting by Glenn Somerville)


Financial shares jump on bank aid, Wells Fargo (Reuters)

Wednesday, January 28th, 2009 | Finance News

NEW YORK (Reuters) –
Shares of major U.S. banks soared after the market open on Wednesday, boosted by optimism that President Barack Obama's administration was moving quickly to stabilize the banking sector and as lawmakers get ready to vote on a stimulus package to boost the recession-hit economy.

Good news also came from Wells Fargo & Co (WFC.N), as it maintained its dividend and said it did not need more taxpayer funds to absorb the troubled lender Wachovia Corp despite reporting a surprise quarterly loss.

The Financial Select Sector SPDR (XLF.P) gained 7.2 percent; Bank of America (BAC.N) shares rose 12.5 percent to $7.31; Citigroup (C.N) gained 14.7 percent to $4.07; JPMorgan Chase (JPM.N) added 6.8 percent to $26.77 and Wells Fargo (WFC.N) jumped 16.7 percent to $18.89.

(Reporting by Rodrigo Campos, Editing by Chizu Nomiyama)