Afternoon Markets: Surprise Citi outlook boosts banks

Barclays shares soared on Tuesday amid reports it may join the UK Treasury's asset insurance scheme....

Barclays shares soared on Tuesday amid reports it may join the UK Treasury's asset insurance scheme. The bank has submitted three portfolios of assets worth less than £10bn to the Treasury for consideration, and discussions between the two are expected to open over the coming days. Its share price had surged more than 17% by mid-afternoon, with other financials also comfortably in the black. The moves helped push the FTSE above 3,660, a gain of 119 points, or 3.26%. Banks have until 31 March to decide whether to join the asset protection scheme, which insures so-called "toxic" loans. ...