Banco Comercial Rebounds From 19% Drop Last Week: Lisbon Mover
The bank climbed as much as 10 percent to 6.6 euro cents, the most since Sept. 11, and traded 5 percent higher at 6.3 cents at 8:58 a.m. in the Portuguese capital. The stock fell 19 percent in the past week.
“Investors are taking advantage of a recent decline in Banco Comercial shares,” said Jose Novo, a trader at Orey iTrade in Lisbon. “The fact that the bank’s capital increase is expected to be fully subscribed and that European shares are trading higher today also helps.”
Banco Comercial is carrying out a 500 million-euro ($653 million) rights offer that’s part of a capitalization plan announced in June. The subscription period ends on Sept. 28.
Chief Executive Officer Nuno Amado said on July 27 the bank was confident the capital increase would be fully subscribed by shareholders.
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