Barclays, one of Britain's biggest banks, yesterday saw its shares rocket GBP1.22 to GBP14.495 (about HK$179.69), as the group revealed much improved first-half results.
Investors flocked to the shares after the company said it also planned to raise the value of a proposed share repurchase scheme to GBP700 million from GBP500 million.
The bank said its profits, after one-off charges were up 8 per cent to GBP1.37 billion, driven by an 11 per cent rise in operating profits.
Barclays de Zoete Wedd (BZW), the investment banking arm of Barclays Bank, also reported a strong first-half performance, particularly in its Asian equity business.
These activities, especially in the second quarter, helped boost BZW's overall profits, which although were lower than last year's first half - at GBP124 million against GBP148 million - were much lower than the disastrous GBP42 million recorded in the second half.
Costs at BZW were also high but stabilising, though the group admitted it had lost GBP20 million on equity derivatives trading just before the British general election.