Lloyds Banking Group Share Price Stutters After CMA Launch Investigation
Lloyds Banking Group (LLOY) shares had a fairly static day on Thursday. The shares opened at 76.50p and enjoyed a mid-afternoon spike to 77.26p but in the end closed the day at 76.51p. However, the price is still up 2.78% for the week and 1.79% for the month.
Unsurprisingly brokers remained static with their recommendations. Exane BNP reiterated their ‘Outperform’ position while Citigroup and Credit Suisse reiterated their ‘Neutral’ position. However, both Deutsche Bank and Investec reiterated their ‘Buy’ positions.
It’s clear that investors are not full of confidence regarding Lloyds Banking Group. On Thursday 62.75% of shares traded were sold while just 37.25% were bought. This came after the UK competition authority (CMA) launched an investigation into the personal current account and small business retail banking sectors. The investigation was launched because the authority is concerned about the low levels of customers shopping around and switching between providers.