Northern Rock shares soar as hedge fund builds stake

Beleaguered mortgage lender Northern Rock’s shares surged nearly 25% today after a Monaco-based hedge fund built up a 4% stake in the business.

Northern Rock shares soar as hedge fund builds stake
Wed, 10 Oct, 2007 - 13:44

Beleaguered mortgage lender Northern Rock’s shares surged nearly 25% today after a Monaco-based hedge fund built up a 4% stake in the business.

The news of SRM Global’s interest encouraged market hopes of a rescue of the Newcastle-based group, which was forced to agree emergency funding from the Bank of England in September.

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CourtsBusinessHeathrowPlace: MonacoPlace: NewcastlePlace: Northern RockPlace: NorthernPlace: UKPlace: New YorkPerson: John WoodPerson: ChancellorPerson: Alistair DarlingPerson: Adam ApplegarthPerson: Matt RidleyOrganisation: Northern RockOrganisation: SRM GlobalOrganisation: Bank of EnglandOrganisation: TreasuryOrganisation: CitiOrganisation: UBSOrganisation: SRMOrganisation: RAB CapitalOrganisation: RABOrganisation: RockOrganisation: BlackstoneOrganisation: Financial Services AuthorityOrganisation: FSA
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