Banks drive FTSE higher.
Investors Chronicle - magazine and web content, November, 2007
Standard Life helps gains Jonathan Eley
London shares rose on Monday as a rally in the banking sector and gains for Standard Life after it refused to up its offer for Resolution drove gains, FT.com reports. The FTSE 100 was 0.8 per cent stronger at 6,358.6. Strength in mid-cap real estate stocks helped the FTSE 250 to a 1 per cent advancem taking it to 10,967.0.
Standard Life was 7.5 per cent stronger at 263p after it ruled out improving the terms of its bid for fellow insurer Resolution, leaving the way clear for a rival offer from Pearl, run by entrepreneur Hugh Osmond. Resolution lost 2 per cent to 708Alp.
News of a new rescue bid for Northern Rock from Olivant, an investment group featuring Luqman Arnold, the former chief executive of...
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