Leading UK shares rose in early Friday trading as investors appeared to welcome the City regulator's ban on short-selling in financial stocks.
The FTSE 100 index was up as much as 215 points or 4.4% at 5,095 in early exchanges, with banking stocks among the biggest risers.
HBOS was up 32%.
The gains come after the Financial Services Authority (FSA) announced its temporary move on Thursday night.
Short-selling involves traders profiting from falling share prices.
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Global stocks battered by renewed credit fears, oil surge ... technique works when investors borrow shares from another investor, and then sell them hoping the price will fall.
The aim is then to buy back the asset at a lower price and return it to its owner, pocketing the difference.
Previously anyone could short a position in a company's shares, but typically hedge funds were the main players.
Other banking stocks that were up sharply included Lloyds TSB, up 33%, Barclays up 25%, and RBS up 24%.
The temporary ban on short-selling applies to 29 financial stocks.
It was introduced by the FSA due to concerns that short-selling had been a contributory factor in the sharp falls in HBOS shares before it was rescued by Lloyds TSB.
Coming into force at midnight, it will last until 16 January, but the FSA will review its operation in 30 days.
(BBC)
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