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CFD Traders DiaryDay of intense volatility on HBOS takeover news17/9/2008 Another rollercoaster performance saw the FTSE 100 index swing wildly with much of the focus on the bank sector and in particular HBOS. Its shares rose then fell then rose again after the group said yesterday that it was well-funded. After another sharp fall though news broke that it was in merger talks with Lloyds TSB, and initial expectations were for a takeout price of around 300p. Once the news was confirmed, various analysts believed that figure might be too high, so the shares of both companies continue to gyrate, and the FTSE 100 index stands almost unchanged. Elsewhere, Barclays rose after it bought Lehman Bros\' North American investment banking and capital markets businesses for just £140m in cash, plus its New York head office at 745 Seventh Avenue and two data centres in New Jersey for £800m. In contrast, Bank of Ireland dropped sharply after it decided to slash the full year dividend in half in an effort to cope with increasingly difficult trading conditions in the first six months. Miners rallied after an improvement in metal prices, but then fell back with market. Invensys gained after acquiring Florida-based Quantum Engineering from its management. Quantum, which specialises in signalling and train control equipment, will be integrated into the Invensys Rail Group division. |
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