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FTSE shares up after short-sell ban
Friday 19th September 2008, 10:09AM BST.
Leading UK shares rose in early Friday trading as investors appeared to welcome the City regulator’s ban on short-selling in financial stocks.
The FTSE 100 opened higher this morning at 4,884.60 and climbed over six per cent to 5,187.70 by 9am.
The Financial Services Authority has banned short-selling on financial stocks until January in a bid to calm the markets after the market closed last night.
In the US, the Treasury, Federal Reserve and Congress are working on a plan to fix the crisis, sparking the strongest rally on the Dow Jones industrial average since 2002.
Banks and insurers benefited the most from the news, with double-digit rises for most.
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