×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Spain | bankia | shares | stock

Shares in Spain's Bankia Plummet for Second Day

Friday, 28 December 2012 07:42 AM EST

Shares in bailed-out Spanish bank Bankia SA are falling for a second day, dropping more than 30 percent at one point during trading on the IBEX-35 stock exchange.

By midday Friday, Bankia recovered slightly but was still trading down 25.2 percent at 0.41 euro while the IBEX-35 dipped 1.8 percent.

Officials with the country's bank bailout fund revealed late Wednesday that Bankia, which is in line for a 18 billion euro ($23.88 billion) bailout, was worth minus 4.2 billion euros. The Fund for Orderly Bank Restructuring revealed the extent of the bank's negative value — more debts than assets — due to worse-than-expected losses on toxic property investments.

Bankia's falling share price also hit Banco de Valencia, another nationalized lender, whose stock fell 20 percent, having closed 21 percent down the previous day.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


InvestingAnalysis
Shares in bailed-out Spanish bank Bankia SA are falling for a second day, dropping more than 30 percent at one point during trading on the IBEX-35 stock exchange.By midday Friday, Bankia recovered slightly but was still trading down 25.2 percent at 0.41 euro while the...
Spain,bankia,shares,stock
131
2012-42-28
Friday, 28 December 2012 07:42 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved