Banking, finance, and taxes
PIIGS Banks Defying The Market (AIB, IRE, NBG, STD, BBVA)
Published:
Last Updated:
The markets may be headed lower on Friday morning after a sell-off in China, but the stocks of some of Europe’s troubled banks in the lands of the PIIGS are bucking the trend. Allied Irish Banks plc (NYSE: AIB) and The Governor and Company of The Bank of Ireland (NYSE: IRE) are seeing shares rise in their ADRs and their local shares in Dublin trading.
National Bank of Greece SA (NYSE: NBG) is so far not sharing the love, although the move is almost negligible. Its shares are down $0.01 at $2.03 versus a 52-week range of $2.01 to $7.45.
In Spain we are seeing Banco Santander, S.A. (NYSE: STD) ADRs trade up 2% at $11.75 in active pre-market trading. Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA) saw its shares raised to Neutral from Sell by UBS this morning and its shares are up 3.2% at $11.80 in the pre-market.
As Allied Irish Banks plc (NYSE: AIB) is the biggest risk, it is also up the most. AIB shares are up 10.6% at $1.04 this morning, after having recently hit a low of $0.76. The ADRs for the Bank of Ireland (NYSE: IRE) are up over 3% at $2.29 this morning versus a 52-week trading range of $2.16 to $11.48.
Reuters had something from Thursday noting that Irish mortgage arrears are manageable for the time being. This morning there are reports that Ireland’s bad bank is absorbing a last tranche of loans, at a 58% discount to face value, in a move that would add about 30 billion Euros. There are expectations that Ireland will have a backstop from the E.U. if it really comes down to it. How all of these pan out is still work in progress.
JON C. OGG
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
