Decision on credit crisis would lift banking sector, says Cumming

A conclusion to the Northern Rock crisis will lift the uncertainty hanging over the banking sector, a...

A conclusion to the Northern Rock crisis will lift the uncertainty hanging over the banking sector, according to PSigma’s Neil Cumming. The manager of the UK Growth fund said he does not own the stock in particular but is slightly overweight financials, continuing his ‘stronger for longer’ theme. Cumming said three companies, Virgin, J C Flowers and GMAC, are perusing a takeover of the troubled bank, which now has 20% of its balance sheet financed by the Bank of England, but a final decision on a solution to the crisis could lift stocks in the overall sector. However, sector prospec...