Monday, November 26, 2007

Northern Rock

Norther Rock shares initially fell by as much as 18% in early trading today. However, as at 9:15am they had risen by 53% on the back of the board's backing for the Virgin bid.

Northern Rock Chairman, Bryan Sanderson, said:

"A solution that firmly restores the company's prospects has been identified.

Furthermore our retail depositors can be fully reassured that the government has said it will ensure savers' money is safe whatever the outcome

Source Bloomberg

Clearly I as talking bollocks yesterday, when I said that the shares would drop like a stone.

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