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Lloyds passes government break-even point for first time this year

Discussion in 'Market News' started by Lily, Mar 2, 2016.

  1. Lily

    Lily Forum Member

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    Market rally helps banking group pass state purchase price

    With the week’s market rally continuing, Lloyds Banking Group has passed the break even price on the government’s stake for the first time this year, paving the way for further share sales by the chancellor.

    In early trading the shares breached the 73.6p level, the average government purchase price, and hit 73.8p before slipping back to 73.38p, a 0.31p rise.

    The continued recovery in the banking sector has seen Lloyds Banking Group shares move back closer to its 73.6p level breakeven price, increasing the prospects that we could well see the government look to pare down its remaining stake in the bailed out bank.

    Lloyds bank has reached the magic 73.6p, average government purchase price, for the first time this year. The slump in share price had caused George Osborne to postpone the proposed sale of their last tranche of Lloyds shares. If the share price stabilises above their breakeven level, this opens the door for the Chancellor to resume the share sale, which would be welcome news for both the Government and prospective investors.

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