French bans opened down sharply this morning again after renewed concerns about access to funding after Moody's threat to downgrade the French financial sector.
SocGen traded 14.5 euro this morning down 7% but completely reversed the losses to a 10% gain, trading around 17 euros in Paris after CEO Frederic Oudea told the exposure to periphery euro zone bonds is low and SocGen's liquidity situaiton is comfortable
Despite today's massive intra-day rally SocGen lost over 60% of its market cap as of the first of July when it closed around 42 euro.
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