Shares in Lloyds Banking Group closed Friday nearly 5% lower after the government announced it will not be selling its remaining stake in the lender to retail investors.
UK Chancellor Philip Hammond confirmed the government will shortly begin selling off its remaining £3.6bn stake in Lloyds Banking Group. However, contrary to expectations the shares will not be made available to the public as a result of continued market volatility, and will be disposed of through a 'trading plan' instead. Shares in the lender fell 4.5% by the end of Friday 8 October to reach 52.5p, as retail investors were disappointed by the decision. Lloyds share sale could be scrapped amid post-Brexit uncertainty A trading plan will involve selling small tranches of the ban...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
