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Saturday 31st of January 2009
January 28, 2009

Lloyds Bank gains 50 percent


by Elaine Frei
Lloyds Bank gains 50 percent

Banks were in focus again Wednesday as European equities markets were significantly higher on the session.

The FTSE 100 added 2.4 percent to 4,295.2 and the FTSE 250 jumped 2.64 percent to 6,423.76 in London, while elsewhere in the sector the FTSE Eurofirst 300 was up 3.15 percent to 810.38, the CAC-40 was 4.11 percent higher to 3,076.01 in Paris, the IBEX added 4.22 percent to 8,701.5 in Madrid and the Dax gained 4.52 percent to 4,518.72 in Frankfurt.

Lloyds Bank Holdings (LSE: LLOY) had the best day on the 100 in London as it added 50.37 percent on an upgrade from Citibank (NYSE: C), followed by a 35.67 percent gain for RBS (LSE: RBS; NYSE: RBS PRM) and as Barclays Bank (LSE: BARC; NYSE: BCS; TYO: 8642) was up 18.89 percent.

Most equities markets in the Asia-Pacific region were also higher as markets in Hong Kong, China and Taiwan remained closed in observance of the Lunar New Year.

In Tokyo, the Topix index was down 0.14 percent to 804.33 but the Nikkei 225 added 0.56 percent to 8,106.29 and the Mothers market added 2.19 percent to 337.85.

Australia’s markets saw gains as the Sydney Ordinaries added 1.26 percent to 3,435.1 and the S&P/ASX200 was up 1.5 percent to 3,495.1, while in India the Sensex was 2.81 percent higher to 9.257.47, the Straits Times Index added 4.8 percent to 1,766.08 and the Kospi gained 5.91 percent to 1,157.98 in South Korea.

Wall Street was higher in early afternoon trade in New York.

The Dow Jones Industrial Average was up 1.6 percent to 8,305.44 while the Nasdaq Composite had added 3.06 percent to 1,551.01 and the S&P 500 was 2.56 percent higher to 867.32.

Crude oil prices were higher on the session while metals prices were mixed in London and New York and grains saw gains on the Chicago Board of Trade.

The pound saw gains on the Lloyds Bank upgrade while the yen and the US dollar were lower during the session.

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