Aye :) Bruich and Petanque don't forget the market has taken a hammering on the back of " interest rate" armageddon spouted by the financial media both sides of the Pond. Our comical FTSE index has come off 7% of its highs as the hysteria continues unabated. Cynically you might think that with the lunatics in charge of the asylum in most trading houses and the good and the great heading to the Quinta or Rock in Cornwall , some will try to ensure that there old adage of "sell in May"hassle relevance. Liquidity is low this time of year so markets are more volatile and susceptible to the rumour mongers. Lets hope AHO has some ammo up his sleeve to BBQ a few shorties.
Any one spot this? Very interesting: Hedge fund Toscafund said it expected Lloyds over time to contribute about 5 percent of the FTSE 100's dividend yield, making it one of the biggest dividend payers in the blue chip index. Toscafund also expected the bank to distribute 16 pence a share of surplus capital to shareholders, equivalent to about 20 percent of its market value, according to a report to clients seen by Reuters. Lloyds' market value is currently about 63 billion pounds, according to Thomson Reuters data. The full research note is at http://uk.reuters.com/article/2015/07/21/uk-lloyds-dividend-idUKKCN0PV1EO20150721
I reckon it's a mix between MS selling, concerns (still) about ppi, Legislation (Profit tax) future scandals all weighing heavier than the perceived positives. Resistance at these levels and if you think that Friday will bring good news then perhaps the recent small declines represent a buying opportunity?
You can just picture the case where the SP drops following a tell Sid offering with claims companies clamouring for compensation because there were no adequate warnings that share prices may go down as well as up and hence Sid was "miss sold". Best to forget Sid and better do a "tell Jock" north of the border with RBS! :)
Ppl was always an easy add on compulsory or contingent in many cases. When it was much more difficult to shop around. These days you can go to Tesco or Sainsburys and credit scoring makes it much simpler for the lenders and no bank manager required to make a decision. Similarly endowment mortgages were another product where mis selling was rife. I'm glad AHO saw the light I just hope there are no more skeletons in Lloyds closets.
Agree broadly IMHO the Sid Sale was always going to be a dodgy enterprise.However the Joe public alias Sid has already done well on PPI. Imagine a scenario where on the launch day the SP sinking for one of several reasons.It was always unwise to announce and it is unwise now to persist with SID sale. MS drip sale has certainly proved a sensible move. Give up the Sid sale Osborne, please. Not wise to ignore good advice!!!
On one TV channel last week, CEO of one Fund Managers said " Nothing has changed from 2008 for UK banks" a chilling comment
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