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Bank Shares Ride High On Wave Of Positive Sentiment

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August 6, 2009

Bank shares ride high on wave of positive sentiment

Lloyds Banking Group’s upbeat forecasts yesterday sent British bank shares soaring across the board.

Lloyds shares rose 11 per cent to 93.2p on its positive predictions, in spite of announcing a £4 billion loss in the six months after taking over HBOS. Shares in Royal Bank of Scotland (RBS), which is expected to announce tomorrow that it has started breaking even after a series of huge losses linked to bad debts and the purchase of ABN Amro in 2007, gained 2.07p to 48.7p.

Barclays, which unlike Lloyds and RBS has not been forced to accept government funding to stay afloat, closed up 2.4 per cent to 336.5p as traders became more optimistic about the future of banks and about the British economy. Standard Chartered’s share price rose 3.2 per cent to £13.70.

Several big British banks have had to issue profit warnings, raise more money from shareholders and the Government, as well as cut dividend payments in the past year, making them unattractive to investors. The banks are also preparing to put a combined £585 billion of bad debts into a government-backed asset protection scheme.

http://business.timesonline.co.uk/tol/busi...icle6740796.ece

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& yet I keep getting told that the pound will get stronger against the euro & there is no chance of parity.

What will drive this amazing sterling recovery I wonder ?

h'mmm, :lol::lol:

when will most posters realise just how bad this will get I wonder.

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Hmmm, I'm tempted to rout around and find the post about 8 months back when I sung my life savings into bank shares and I had two or three pages of people laying into me, telling me what an utter idiot I was.

Since then they have more then doubled.

For the record I'm continuing to invest new money at this level.

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Hmmm, I'm tempted to rout around and find the post about 8 months back when I sung my life savings into bank shares and I had two or three pages of people laying into me, telling me what an utter idiot I was.

Since then they have more then doubled.

For the record I'm continuing to invest new money at this level.

& that's where mistakes are made.

congratulations on your profit, although it's a paper profit....yes ?

don't get caught like the rest, rabbits & headlights spring to mind. ;)

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August 6, 2009

Bank shares ride high on wave of positive sentiment

Lloyds Banking Group’s upbeat forecasts yesterday sent British bank shares soaring across the board.

Lloyds shares rose 11 per cent to 93.2p on its positive predictions, in spite of announcing a £4 billion loss in the six months after taking over HBOS. Shares in Royal Bank of Scotland (RBS), which is expected to announce tomorrow that it has started breaking even after a series of huge losses linked to bad debts and the purchase of ABN Amro in 2007, gained 2.07p to 48.7p.

Barclays, which unlike Lloyds and RBS has not been forced to accept government funding to stay afloat, closed up 2.4 per cent to 336.5p as traders became more optimistic about the future of banks and about the British economy. Standard Chartered’s share price rose 3.2 per cent to £13.70.

Several big British banks have had to issue profit warnings, raise more money from shareholders and the Government, as well as cut dividend payments in the past year, making them unattractive to investors. The banks are also preparing to put a combined £585 billion of bad debts into a government-backed asset protection scheme.

http://business.timesonline.co.uk/tol/busi...icle6740796.ece

Is the government-backed asset protection scheme designed to get the banks lending again?

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Hmmm, I'm tempted to rout around and find the post about 8 months back when I sung my life savings into bank shares and I had two or three pages of people laying into me, telling me what an utter idiot I was.

Since then they have more then doubled.

For the record I'm continuing to invest new money at this level.

punting bank shares.

maverick,

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& that's where mistakes are made.

congratulations on your profit, although it's a paper profit....yes ?

don't get caught like the rest, rabbits & headlights spring to mind. ;)

We shall see.

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