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Finance Latest News: Lloyds Shares Hit Two-year High on Overseas Buyers' Interest

Wochit 1:24 mins

Lloyds Banking Group shares jumped to a 2-1/2 year high as overseas investors stepped up their interest in buying part of the bank and media reports suggested some may want half the government's stake. Former Standard Chartered chief executive Mervyn Davies is talking to others about forming a consortium to be an "anchor" or cornerstone investor in part-nationalized Lloyds- which the government is planning to sell. Stock index futures rose, putting the S&P 500 on track for its third straight advance in the wake of recent better-than-expected payrolls reports and ahead of the start of earnings season after the close. The benchmark S&P index rose 1 percent in the prior trading session on the strength of the jobs report. Dow component Alcoa Inc kicked off earnings season after the close. Britain will push ahead with its biggest privatization in decades when it unveils plans for a $3.7 billion stock listing of state postal operator Royal Mail. A spokesman for the Business Innovation and Skills department handling the sale said it would be providing lawmakers with an update before parliament begins its summer recess. The decision to push ahead with privatization will be a blow to trade unions, which argue the sale will spark a decline in postal service provision.

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