Lloyds Share Price Rises Despite Neutral Broker Assessments
Lloyds Banking Group (LLOY) enjoyed a strong day on Wednesday. The shares opened at 76.71p and rose throughout the day reaching a high of 77.45p just after midday. They dropped slightly in the afternoon and in the end closed at 77.18p up 1.18% for the day and 2.44% for the week.
However, despite Lloyds enjoying a good week, only Investec reiterated its ‘Buy’ position this week. Both Citigroup and Credit Suisse reiterated their ‘Neutral’ position and JP Morgan Cazenove still considers the shares to be ‘Overweight’.
Investors are also lacking in confidence, on Wednesday 63.67% of Lloyds Banking Group shares that were traded were sold while just 36.33% were bought. This is likely to be because Lloyds is facing a number of issues including the upcoming Bank of England stress tests and the mounting bill for miss-selling payment protection insurance.