HBOS shares back under rights price

HBOS shares back under rights price

HBOS shares have again fallen below their rights issue price, leading to concerns as to how successful the take up will be.

At trading on the FTSE this morning, HBOS was trading as low as 260.0, almost a full 15 points below the rights issue offering price of 275p per share.

At the time of reporting, the price has risen to 265.50, but HBOS still remains down 3.8% since opening this morning.

This is the fourth time since the rights issue was announced that the HBOS share price has fallen below the offering price.

The financial sector has seen a collapse in share price across the sector this year, and of the major UK lenders, only HSBC has escaped any major loss of market capitalisation.

In the meantime, sharp losses on the Dow Jones yesterday saw the US banking sector take further hits on valuation, with the ironic twist of different investment banks downgrading ratings on one another.

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