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Lloyds Banking Group Share Price Rises Despite Job Cuts

Lloyds Banking Group Share Price Rises Despite Job Cuts

Lloyds Banking Group (LLOY) shares enjoyed a positive day on Thursday. Having opened at 75.77p they rose steadily throughout the afternoon and reached a high of 76.77p before closing the day slightly down at 76.67p. The shares were up 1.20% for the day and 0.26% for the month, but down 1.03% for the week.

The rise came after Deutsche Bank reiterated its ‘Buy’ position and kept its target price of 97p a share on Thursday. Investec is the only other broker currently recommending ‘Buy’, Exane BNP Paribas has an ‘Outperform’ position while Citigroup and Credit Suisse have ‘Neutral’ positions.

Nonetheless investors seem to be lacking in confidence. On Thursday 58.72% of Lloyds shares that were traded were sold while 41.28% were bought. This could be because news broke that Lloyds will be axing 1,250 jobs in insurance in the near future.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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