Reuters: Global Markets: Barclays a top FTSE faller after third-quarter update

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Barclays a top FTSE faller after third-quarter update Oct 31st 2012, 09:13 Tweet Share this Email Print Related News Barclays hit by fresh U.S. investigations 5:47am EDT Credit Suisse to cut $1 billion more costs as profits fall Thu, Oct 25 2012 Analysis & Opinion UBS rethinks the impossible Credit Suisse keeps on finding more costs to cut Related Topics Hot Stocks » Asian Markets » A lamp featuring a logo of Barclay's bank is seen outside a branch in London October 31, 2011. Credit: Reuters/Suzanne Plunkett Wed Oct 31, 2012 5:13am EDT (Reuters) - Shares in Barclays (BARC.L) fall 4.5 percent, leading fallers in the STOXX Europe 600 Banking index .SX7P and second-top faller on the FTSE 100 index .FTSE, after the bank posts lower third-quarter profits and says it faces two fresh U.S. regulatory investigations into its operations. "The specter of more damage to the bank's reputation in the form of further regulatory probes is weighing heavily on the shares in early trade," writes Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers in a trading note. The bank reports in-line profits, thanks to strong profits from investment banking, but took a 700 million pound ($1.13 billion) charge for mis-selling payment protection insurance. Oriel Securities also notes that the performance of Barclays' FICC fixed income unit was relatively disappointing. "FICC income in Q3 was down 20 percent quarter-on-quarter, a marked underperformance versus the industry benchmark of +19 percent," Oriel says in a note, keeping a "hold" rating on Barclays shares. However, Securequity sales trader Jawaid Afsar recommends using the dip in Barclays' share price as an opportunity to buy the stock on the cheap. "The numbers were a bit light, but they were OK. I would be a buyer on the weakness," he says. Barclays shares slumped 15.5 percent on June 28, when it hit an intraday low of 160.75 pence after announcing a 290 million pound settlement over its role in the Libor interest-rate rigging scandal, which led to the departure of former chief executive Bob Diamond. However, the stock has since recovered and Barclays' shares have risen around 30 percent since the start of 2012. The stock has also risen around 50 percent since July 25, roughly in line with a similar rise in the Euro STOXX euro zone banking index .SX7E which rallied after a pledge by European Central Bank head Mario Draghi to protect the euro currency from the region's debt crisis. ($1 = 0.6218 British pounds) Reuters messaging rm://sudip.kargupta.thomsonreuters.com@reuters.net Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints Comments (0) This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

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