I currently do not hold any banks. For me owning them are more a rebound play, like oil/gas with BP was. Not something I can assess well once rebounded so I stick more to my circle of competance when things are more fairly valued.
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Strong results from HSBC. Glad I held these.
Probably because no-one cares about Garage anymore.
@Mr.Trade I think you need to put your question and chart into context. On the 19th July NWG closed at 260.5. Thus it is down roughly 10% and the Farage story was news for a day. Yes in terms of the company it has meant a change of senior people but do you think it is going to affect the companies results in 6 months time. In terms of the daily chart even companies that have dropped 50% will often bounce so seeing NWG have a green day is hardly surprising.
But people are leaving, I know loads of people who are closing their accounts.
If they lose customers profits will fall.
Whether or not some customers are leaving doesn’t change my point. Even the worst companies have green days so when you ask “how is x doing well” with a daily chart showing it has risen you need to put that into the context of where it was previously. NWG was 10% higher (even after todays rise) 2 weeks ago. If you think that losing a few customers is going to have such a profound affect on the company that a 10% drop still means it is overvalued that you obviously don’t buy but they have announced good profits so the results are good and they can attract new customers. Whatever your view it doesn’t change the basic point that a rise on a 1 day chart is fairly meaningless unless in a context
Lloyds or HSBC
Which one is everyone’s favourite now?
I don’t hold any financials and would favour a US bank but, of the two, I’d pick Lloyds as there’s added China risk with HSBC.
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