Lloyds shares soar to five-year high amid speculation govt is poised to sell stake

clock

Shares in taxpayer-backed Lloyds Banking Group soared to a five-year high yesterday amid speculation the government is poised to start selling its stake.

A source close to the situation said it was ‘entirely possible' that the share sale could begin this month - and possibly within the next seven to ten days, the Daily Mail reports. It is thought George Osborne is keen to start offloading the government's 39% stake before the Conservative's party conference begins on 29 September. Lloyds shares jumped 1.22p to 78p - a closing price not seen since late 2008 when the global banking system was reeling following the collapse of Lehman Brothers. The government is understood to be considering the sale of around a quarter of its holding - ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Schroders chief executive Peter Harrison to retire in 2025

Schroders chief executive Peter Harrison to retire in 2025

Harrison began his career at Schroders as a graduate in 1988

Cristian Angeloni
clock 24 April 2024 • 2 min read
Future of Investment Festival: Our specialist sessions for advisers

Future of Investment Festival: Our specialist sessions for advisers

Future-proofing advice, building sustainable portfolios, all things SDR

Professional Adviser
clock 19 April 2024 • 2 min read
Why non-transparent managers are behind most failed acquisitions

Why non-transparent managers are behind most failed acquisitions

‘They don’t understand the importance of culture and cohesion’

Rami Cassis
clock 12 April 2024 • 3 min read