PIIGS Banks Hot Again, One Doubled in Two Weeks (AIB, IRE, NBG, STD, BBVA)
The banks in the lands of the PIIGS are seeing some bids yet again today. That makes three in a row of big moves in Ireland, and now we have Greece and Spain today. Some of the aid is coming…
Irish banks are seeing a third very strong morning. Allied Irish Banks plc (NYSE: AIB) is up 4.4% at $1.41 versus $0.92 just last week. The Bank of Ireland (NYSE: IRE) is up 8.8% at $3.07, and if you can believe it the ADR closed at $1.44 just two weeks ago.
In Greece, the National Bank of Greece SA (NYSE: NBG) is up 2% at $1.96 in active trading pre-market, but these ADRs were at $1.72 ten days ago. In Spain, Banco Santander, S.A. (NYSE: STD) is up 1.5% at $11.23 versus under $10.00 last week; and Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA) is up 1.3% at $10.69 versus $9.21 last week.
Suddenly it feels as though the world is not on fire again. These banks have all been battered and bruised in 2010. Still, a double from lows at the Bank of Ireland?
JON C. OGG
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.