Banks’ Slips
Friday, September 12, 2008 17:37After two days of solid gains for banking shares, due to the US Government’s bailout of the mortgage groups Freddie Mac and Fannie Mae, the investor confidence is hurt and the banking sector fell greatly.
Although the traders have been warned of the worst, it was still a shock when the news hit. Just as the investors in financial shares had started to believe that their stocks were on the way to recovery, the banking and financing sector was thrown into the red again.
As a result of the hit brought forwards by Lehman’s loss, Barclays was the worst-hit of the blue-chip banks, with its share price falling 19¼p to 346½p. Besides, there are slips in other UK banks. For example, Lloyds TSB fell 12¾p to 295p and Royal Bank of Scotland closed down 9p at 240p.
It has been warned that the markets are expected to remain tough!
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