bad day at the office30 Apr 2020 17:40
I think the freefall today occurred due to a combination of the lacklustre results and a general retrace in FTSE following a few days of solid growth.
Other banks that did not report today such as Barclays and HSBC fell by around 4.00%. In that context, the relative drop of this share could be considered smaller. Had the FTSE been flying again today, the dip from the poor results would probably have been absorbed and yesterday's high may have held.
Medium to long term, I'm still optimistic that I've bought in at a price way below the book value of the business. I'm also satisfied that the business has avoided a loss despite challenges circumstances and made significant provisions for bad loans. Hopefully may see a bounce back up a few percentage points tomorrow, with punters cashing in and buying the dip.