The banking sector in Europe reached this Monday highs of more than nine yearsat a time when the stock market is experiencing a good moment, with the third quarter results of financial institutions remaining robust despite a deterioration in financial margin.
The Stoxx 600 banking sub-index, called SX7P, rose 0.68% to 209.51 points, the highest value since August 19, 2015. Of the listed companies that make up the index, 34 ended in a positive direction and 13 in the red. BCP, which became part of the index in December last year, was the one that fell the most by devaluing 2.61%, correcting part of last week’s sharp gains, when it announced positive results and an increase in the “dividend payout” to shareholders .
The analysts associate the movement with an appreciation of the British bank Natwestthe former Royal Bank of Scotland, which gained 2.61% to 385.1 pence, the value highest in 13 yearsreturning the value of the share to values prior to the financial crisis and the state rescue.
The rise comes after analysts at investment bank Peel Hunt reported revised upwards the target price for the shares of the bank, from 410 to 450 cents of the pound, citing the good performance visible in the third quarter accounts. The recommendation is “buy”.
Natwest values more than 75% since the beginning of the year. The increase coincides with the sale by the British State of a controlling position in the institution, which in the United Kingdom is above 30%. This despite still being the largest shareholder, with 29.8% of the capital. The institution was nationalized in 2008 and the Treasury maintained a majority position until March 2022.
Source: www.jornaldenegocios.pt
