Brokers’ notes boost UK banks

SHARES in two major UK banks were boosted by bullish notes from brokers yesterday.

Barclays and HSBC spent topped the FTSE 100 risers board after analysts at JP Morgan and Barclays Capital said investors should buy European banks.

Barclays Capital analysts, led by Simon Samuels, said 11 of Europe’s biggest banks were trading at an average 25 per cent discount to a sum-of-their parts valuation, leaving their total market capitalisations “missing” €150bn (£132.1bn). Barclays closed up 0.8 per cent at 292.4p and HSBC finished 0.9 per cent higher at 653.5p.