The FTSE 100 index rallied on the back of a rebound on Wall Street, bringing an end to its losing streak. However, Metro Bank experienced a significant crash, with its shares sliding 31% following a fund raising announcement [de6f3e59].
The FTSE 100, which represents the top 100 companies listed on the London Stock Exchange, had been on a downward trend in recent days. However, the index saw a resurgence as Wall Street rebounded, boosting investor sentiment and leading to a recovery in the FTSE 100 [de6f3e59].
In contrast, Metro Bank, a UK-based retail bank, faced a sharp decline in its share price. The bank announced a fund raising initiative, which resulted in a 31% drop in its shares. This news rattled investors and led to a crash in Metro Bank's stock [de6f3e59].
Metro Bank is seeking to raise £600m after a 30% decline in its shares. The bank has been unsuccessful in obtaining permission from regulators to use its own models to estimate the riskiness of its mortgage book. This fundraising effort is seen as a way for Metro Bank to address its financial challenges [d63e63c1].
The Bank of England is closely monitoring depositors' behavior at Metro Bank for any sign of panic after reports that the lender is trying to raise up to £600 million to shore up a potentially shaky balance sheet [5594d8e0].
In other news, Sam Bankman-Fried's crypto fraud trial gained steam on Thursday when the co-founder of his fallen exchange, Gary Wang, took the stand as a government witness in Manhattan federal court [5594d8e0].
Jeremy Hunt must not let Britain's spending watchdog dictate tax policy, a leading think tank has warned [5594d8e0].
Mike Lynch, the technology entrepreneur once regarded as a British Bill Gates, is trying to have criminal charges against him dropped in the United States [5594d8e0].