HBOS’ stock rises by 40%

HBOS\' share price surged by a whopping 40% to 242p per share in early morning trading as UK banking stocks across the board surged.

At 11am this morning Royal Bank of Scotland was up by 46% to 237p per share, Bradford & Bingley was up 36% to 34p per share, Barclays was up 32% to 399p and Lloyds TSB was up by 35% to 322p.

Insurers also saw their stock rise, with Prudential’s rocketing by 21% to 592p, Friends Provident by 20% to 102p and Legal & General’s rising 17% to 102p per share.