'Computer blunder' sends L&G shares rocketing
11 November 2008
A case of so-called "fat finger syndrome" is believed to be behind Friday's unexpected 124 per cent rise in shares of investment and insurance firm Legal & General (L&G), it has been reported.
Having hovered between 70 pence ($1.10) and 80 pence for much of the day's business, the shares rocketed to become the FTSE 100's top performers following a final trade of 1.9 million shares at 170 pence each.
The Guardian's Market Forces blog states that a trader is believed to have inadvertently added an extra digit before executing the deal, hence the "rather un-PC 'fat finger'" label.
It added that the erroneous deal is believed to have accounted for 24 of the FTSE 100's daily gain of 115 points.
However, an hour after the trade went through, the stock exchange spotted the mistake and declared it void, sending L&G shares back to 80 pence each, the newspaper stated.