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Investment Bank Signals Increased Confidence in Spain ?

Source: Reuters - Thu 7th Nov 2013
Investment Bank Signals Increased Confidence in Spain ?

Ealier this morning global investment bank, Goldman Sachs, announced it had assumed control of a 5.34% stake in the operator of the Spanish stock market operator - BME (Bolsas y Mercados Espanoles).

The shares were purchased from the Bank of Spain at a unit cost of 27.35 equaling a total of 122 Mln.

Shares in BME closed at 28.495 on Wednesday.

Just last week BME reported a 9-month net profit of 105.2 Mln, increasing slightly on the same period last year despite a 7% jump in Q3 profit to 33.1 Mln.

Revenues to end-September fell by 1.4% year-on-year to 226 Mln. However, performance between July and September improved thanks to a rise in trading volumes on its exchanges as investors regained confidence in Spain. BME's revenues for Q3 rose 2.8% to 72.5 Mln.

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