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<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Jan 17, 2009
</TR><!-- headline one : start --><TR>Barclays baffled by share fall <!--10 min-->
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LONDON - BRITISH high street bank Barclays said it saw 'no justification' for its plunging share price on Friday after a day which saw its price fall nearly 25 per cent at one point.
The statement came amid jitters across the sector as US banking giant Citigroup announced an $8.29 billion (S$12.34 billion) fourth quarter loss and Bank of America, which has bought troubled broker Merrill Lynch, got a $20 billion state bailout.
Meanwhile, Anglo-Irish Bank's shares were suspended after the announcement that it is to be nationalised and Britain is reportedly looking at possible fresh bank bailouts.
After its shares fell to their lowest since 1993, Barclays' board said in a statement that it 'knows no justification for the fall in the share price'.
'Barclays will announce full results for the year ended 31 December 2008 on 17 February 2009,' it added.
'The board of Barclays expects to report profit before tax for the year, after reflecting all costs, impairment and market valuations, well ahead of the 5,300 million pound consensus estimate of sell-side analysts.'
Friday's falls came the day a ban on short-selling, which had been imposed by the Financial Services Authority last September, expired.
Barclays, Britain's third largest bank, has lost around 40 percent of its share price this week. It declined a government bailout last year which rivals including Royal Bank of Scotland took up. -- AFP
</TR><!-- headline one : start --><TR>Barclays baffled by share fall <!--10 min-->
</TR><!-- headline one : end --><!-- show image if available --></TBODY></TABLE>
<!-- START OF : div id="storytext"-->
LONDON - BRITISH high street bank Barclays said it saw 'no justification' for its plunging share price on Friday after a day which saw its price fall nearly 25 per cent at one point.
The statement came amid jitters across the sector as US banking giant Citigroup announced an $8.29 billion (S$12.34 billion) fourth quarter loss and Bank of America, which has bought troubled broker Merrill Lynch, got a $20 billion state bailout.
Meanwhile, Anglo-Irish Bank's shares were suspended after the announcement that it is to be nationalised and Britain is reportedly looking at possible fresh bank bailouts.
After its shares fell to their lowest since 1993, Barclays' board said in a statement that it 'knows no justification for the fall in the share price'.
'Barclays will announce full results for the year ended 31 December 2008 on 17 February 2009,' it added.
'The board of Barclays expects to report profit before tax for the year, after reflecting all costs, impairment and market valuations, well ahead of the 5,300 million pound consensus estimate of sell-side analysts.'
Friday's falls came the day a ban on short-selling, which had been imposed by the Financial Services Authority last September, expired.
Barclays, Britain's third largest bank, has lost around 40 percent of its share price this week. It declined a government bailout last year which rivals including Royal Bank of Scotland took up. -- AFP
