AFP: Barclays shares up 75% - Spear's Magazine

AFP: Barclays shares up 75%

The share price of Barclays soared on Monday, closing up 73 per cent, after the group insisted it did not need a government bailout, following recent speculation to the contrary.

From AFP via Yahoo!:

The share price of Barclays soared on Monday, closing up 73 per cent, after the group insisted it did not need a government bailout, following recent speculation to the contrary.

At one point in London trading, Barclays stock jumped 78 per cent from Friday’s close, as investors were reassured by a statement which said the group would not take state cash because it was adequately funded.

Barclays eventually closed the day up 73.2 per cent at 88.7 pence on London’s FTSE 100 index of leading shares, which ended 3.86-per cent higher at 4,209.01 points.Barclays on Monday said that it expected a 2008 pre-tax profit of more than 5.3 billion pounds despite credit-crunch writedowns of eight billion pounds.

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