Tags: Spain | bankia | shares | stock

Shares in Spain's Bankia Plummet for Second Day

Friday, 28 Dec 2012 07:42 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Shares in bailed-out Spanish bank Bankia SA are falling for a second day, dropping more than 30 percent at one point during trading on the IBEX-35 stock exchange.

By midday Friday, Bankia recovered slightly but was still trading down 25.2 percent at 0.41 euro while the IBEX-35 dipped 1.8 percent.

Officials with the country's bank bailout fund revealed late Wednesday that Bankia, which is in line for a 18 billion euro ($23.88 billion) bailout, was worth minus 4.2 billion euros. The Fund for Orderly Bank Restructuring revealed the extent of the bank's negative value — more debts than assets — due to worse-than-expected losses on toxic property investments.

Bankia's falling share price also hit Banco de Valencia, another nationalized lender, whose stock fell 20 percent, having closed 21 percent down the previous day.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web
Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved