BOI down at 3.42 today. Down over 20% in the last three weeks alone.
In ‘old money’ the shares are circa 11c (30:1 share split was done in 2017)
They traded at 15c in 2012.
From Feb 2012
Shares rose about 80pc from their 2011 open to the 15c high hit on Friday, February 3.
Crucially, the price rises occurred on steadily increasing volumes – in December, an average of 28 million shares a day were changing hands, in January, that average shot up to almost 40 million.
On the days with the biggest share price jumps, the volume has been highest – close to 250 million shares were traded last Friday when the shares hit that magic 15c. Increasing prices on increasing volumes suggests serious momentum.
That doesn’t mean it will continue, though. Already volumes have dropped back, and the price is back down in the mid-14c range.
Full-year results on February 20 will be carefully watched for signs of further loan book stress.
The eurozone crisis also looms large, and with it the spectre of a Greek default.
Even if that happened, you might still be right to believe that Bank of Ireland’s fundamental value is above 15c.