By Peter Campbell
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After a torrid three days, shares in Barclays led the way in a wider banking recovery yesterday after its ‘bloodletting’ quelled wider appetite for a resignation.
Every British banking stock rose by more than 1 per cent as investors mulled over the implications of the scandal’s first scalp.
The two London banks most exposed to fears about the fallout of the market manipulation saga â€" Barclays and taxpayer-backed RBS â€" climbed the most strongly.
Recovery: Shares in British banks increased by more than 1 per cent
Barclays’ blue-chip shares dropped by 17 per cent last Thursday when it was hammered with a £290million fine, wiping some £3billion from its market value.
After fluctuating, shares finished yesterday 3.4 per cent higher at 168.4p on the news that Marcus Agius had resigned as chairman of the group.
Market commentator Neil Shah, from Edison Investment Research, said Barclays’ ‘bloodletting’ had sent out ‘all the right messages’.
But there is still a long way to go before the bank climbs back to the £2 mark its shares were trading at the week before the fixing revelations emerged. Shah added: ‘It is vital that the next chairman is someone who is an expert in financial services but ideally not a banker in order to provide some extra perspective for the executive board.’
But others raised questions over whether the move went far enough.
‘Whether Marcus Agius’s departure will be enough to prevent Bob Diamond being forced out as chief executive is the key question,’ said Rebecca O’Keeffe, head of investment at Interactive Investor.
But broking house Investec concluded that ‘Bob is going nowhere’.
Analyst Ian Gordon told investors to take ‘full advantage’ of the recent stock drop.
RBS, which dropped after opening and was subject to similar fluctuations as Barclays, finished the day 3.7p higher at 219p.
HSBC and Lloyds both climbed during the day as well, finishing 9p higher at 570.1p and 0.38p higher at 31.48p.
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