Hedge Funds Clear Run Leaves Traders Seething ; Market Round-Up

Summary

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For most of the morning, stock market investors were left to grope around in the dark. No, the lights had not blown a fuse but the traditional City way of maintaining an orderly market at all times appears to have done so.

In early trading this morning, shares of HBOS suffered another bear raid with the price briefly tumbling more than 40% to yet another new low of 88p. Once again the alarm bells sounded and stories began doing the rounds that the UKs biggest mortgage provider was in trouble. The Financial Services Author-ity retorted that as far as it was con-cerned HBOS remained in rude financial health and there was nothing to worry about.

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Hedge Funds Clear Run Leaves Traders Seething ; Market Round-Up

Then the BBC ran the story that Lloyds TSB, up 20p at 299 3/4p, was poised to launch a rescue bid for HBOS worth 300p a share within 24 hours, and with the bl...

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