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Spanish regulator to probe Bankia share trading

Source: Reuters - Thu 23rd May 2013
Spanish regulator to probe Bankia share trading

Spain's stock market regulator on Thursday said it would investigate if the abnormally high volume of trading in nationalized lender Bankia shares during the day was in breach of market rules.

Close to 50 million shares in Bankia changed hands on Thursday, or about 42 times the average daily volume over the last 3 months and 2.5 times the total number of shares in the lender.

The stock went down by 51.4% on Thursday and has lost 90% since May 6.

While this drop had been widely expected to take place before the bank receives Ä15.5 billion of fresh funds next week, analysts said heavy speculation on the stock was the main reason for its sharp upward and downward moves this year.