Barbara
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U.K.'S FTSE 100 Surges Most Since 1987 - 2008/09/19 20:19
Hey, traders! Finally signs of recovery after the disaster of last Friday. The U.K.'s FTSE 100 Index surged the most since 1987 after the regulator banned short selling of financial companies' shares, bucking a slump that has wiped out almost a quarter of its value this year.
Barclays Plc soared 32 percent, Royal Bank of Scotland Group Plc rallied 42 percent, and Lloyds TSB Bank Plc climbed 35 percent. The Financial Services Authority in the U.K. yesterday banned short sales on stocks of financial firms until January 2009, where traders borrow shares from their broker that they then sell. If the price drops, they buy back the stock, return it to their broker and pocket the difference.
The benchmark FTSE 100 Index added 351.3, or 7.2 percent  , to 5,231.3 at 12:00 p.m. in London. That was the steepest climb since October 21, 1987 when the index rallied 7.9 percent and closed at 1,943.8, according to FTSE Group. This followed the previous day of stock market collapses in what became known as Black Monday.
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