Business Services Industry
Barclays Bank stock bounce helps Footsie gain ground.
Knight Ridder/Tribune Business News, September, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Sep. 25--The Footsie charted a dramatic reversal of fortune for Barclays. The bank rebounded 20 pence to 540 pence as the City digested its UKpound 2 billion plans to buy a majority stake in South Africa's ABSA.
The fact it will not involve the issue of new shares reassured more nervous Barclays followers. They also liked the logic behind of the deal, which should boost earnings from the start.
Merrill Lynch analyst Jean-Paul Crutchley, a buyer of the stock, reckons the bank can raid its coffers to finance the deal and still afford to make some fairly hefty share buybacks.
Barclays' spike put a little pep into an otherwise lacklustre market as the Footsie gained 9.8 points...
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