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* FTSE 100 ends up 0.1 pct at 6,834.77 points
* Barclays rallies after HSBC upgrade
* FTSE 100 up around 10 pct so far in 2016
By Alistair Smout and Adela Suliman
LONDON, Sept 21 Britain's top shares index rose
on Wednesday, buoyed by its banks after the Bank of Japan's
overhaul of its monetary policy framework boosted financial
stocks around the world.
The blue-chip FTSE 100 index closed up 0.1 percent
at 6,834.77 points, with the index up around 10 percent so far
The FTSE 350 bank index rose 1.3 percent after
the Bank of Japan (BoJ) shifted key policies to establish
control over interest rate yield curves, instead of its
money-printing programme, in a move that lifted financial
"There's a follow through from the BoJ statement today, so
financials are bid on that. The yield curve benefit from Japan
on the banks today is quite a strong one," said Zeg Choudhry,
managing director of LONTRAD.
Barclays outperformed, rising 3.1 percent after
HSBC analysts upgraded the bank to "buy" from "neutral".
British banks have suffered since the country voted in June
to leave the European Union, with the Bank of England cutting
interest rates down to record lows. While those rock-bottom
rates have propped up the overall stock market, they risk
impacting the profits banks can make via their loans.
However, HSBC's analysts wrote that they reckoned bank
equity investors were "too negative on negative rates".
Other financial stocks also benefited, with insurer Legal &
General climbing 3.7 percent and Credit Suisse analysts
recommended that investors stay "overweight" on financials.
"We remain tactically overweight of financials, with a focus
on retail banking and GEM (global emerging markets) exposure,"
wrote the Credit Suisse strategists in a research note.
(Additional reporting by Sudip Kar-Gupta; Editing by Toby