Rbs Climbs but Its a Long Haul Ahead ; Market Report

Evening Standard - London › December 23, 2008

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Summary

Shareholders in Royal Bank of Scotland will no doubt be hoping things can only get better in 2009. The shares today bounced off the bottom with a rise of 2.1p to 43.5p, putting them among the better blue-chip performers for a change. reports that the bank came within hours of going bust in the dark days of october will have hardly come as a surprise to most City folk. But while bargain- hunters were happy to snap up shares and ferret them away, they will be under no illusion that any recovery will take some time to achieve. elsewhere in the banking sector, HSBC rallied 16 1/2p to 628 3/4p. The shares have slumped from 927 3/4p since the start of october, and have been beset in recent weeks by talk of a [pounds]9 billion rights issue or possible dividend cut.

Shares generally were squeezed higher in thin trading, the FTSe 100 index gaining 32.05 points to 4281.21. But Marks & Spencer failed to join in the fun, sliding 1/2p to 220 1/4p. Brokers remain worried about the possibility of further heavy discounting before the New Year sales get under way.

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Rbs Climbs but Its a Long Haul Ahead ; Market Report

UBS has slashed its target for Smiths Group, up 9 1/2p at 895 1/ 2p, from 1350p to 1200p and initi...

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