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Lloyds share price volatility continues amid job losses and rights issue

12 November 2009 / by Rebecca Sargent

Lloyds shares continue to fluctuate as the latest news from the banking group filters through to investors.

Yesterday, employers' unions were united in their disgust at the revelation of a further 5,000 job losses at Lloyds Banking Group. Unite accused the bank of 'corporate arrogance'.

Commenting, Rob Mac Gregor, Unite national officer, said that the losses: "Demonstrates the depth of corporate arrogance within this taxpayer supported bank.

"This country's financial sector should be looking towards the future, rather than continuing to slash jobs without proper consideration of how to rebuild the public's confidence in our tarnished banking sector."

Meanwhile, a record rights issue launched by the banking group is due to begin later this month, with a target to raise £13.5billion.

The mixed news has meant that Lloyds shares have remained turbulent, joining other banks Barclays, HSBC and RBS, as highly traded shares among share dealing companies.

Commenting, Nick Raynor, investment advisor at The Share Centre said: "For our customers, RBS, Lloyds and Barclays were the most bought and sold stocks in the past week as short term speculative investors were attracted to the situation.

"We would suggest Lloyds and RBS for high-risk traders only due to the extreme volatility in the share price," he added.

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