Morning markets: Citi note propels Lloyds

A positive note issued by Citigroup elevated banks on Wednesday and helped ease the FTSE into positiv...

A positive note issued by Citigroup elevated banks on Wednesday and helped ease the FTSE into positive territory. The note, related to Lloyds Banking Group, the entity formed from the Government-backed merger of Lloyds TSB and HBOS, helped it soar more than 25% to 84p. The sentiment also filtered down to benefit Barclays and RBS, up 8% and 7% respectively, while Legal & General, up 7%, and Aviva, up 8%, also made early strides. Meanwhile, directors at Lloyds have shrugged off reports they sounded out shareholders about executive pay rises. Shortly after 8.30am, the FTSE 100 had climbe...