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Lloyds share sale cuts government stake to below 24%

Lloyds bank ATMs Image copyright PA

The government has sold another parcel of Lloyds shares, raising £500m and cutting its stake to below 24%.

Lloyds ended up being 41% state-owned after the government ploughed in £20bn to keep the bank afloat in 2008 after the financial crisis began to bite.

The government started selling Lloyds shares in 2013, and the latest sale means it has now raised nearly £8bn.

The shares were sold for more than the 73.6p average price paid by the government.

Market Data - BBC News

Market Data

Share Prices

Markets

UK markets
UK markets % change Value
Change
-0.40%
7611.64
-30.81
-0.32%
20509.76
-65.35
Europe markets
Europe markets % change Value
Change
+0.05%
561.48
+0.29
-0.16%
5403.41
-8.91
0.00%
12358.87
+0.13
-0.01%
3409.44
-0.24
-0.25%
9507.00
-23.40
US markets
US markets % change Value
Change
+0.55%
25327.32
+139.62
+0.71%
7875.04
+55.33
+0.71%
2841.97
+20.04
Asia markets
Asia markets % change Value
Change
+0.55%
37852.00
+207.10
-0.66%
27752.93
-183.64
+2.28%
22356.08
+498.65
As of 19:29 14 Aug 2018

Currencies

GBP
% change One £ buys
Change
GBP against Euro
+0.21%
€1.1209
+0.0020
GBP against Yen
+0.07%
¥141.3750
+0.1000
GBP against USD
-0.41%
$1.2716
-0.0050
USD
% change One $ buys
Change
USD against Euro
+0.59%
€0.8817
+0.0050
USD against GBP
+0.38%
£0.7866
+0.0030
USD against Yen
+0.44%
¥111.2100
+0.4900
Euro
% change One € buys
Change
Euro against GBP
-0.21%
£0.8921
-0.0020
Euro against Yen
-0.13%
¥126.1250
-0.1700
Euro against USD
-0.58%
$1.1344
-0.0070
Yen
% change One ¥ buys
Change
Yen against Euro
+0.13%
€0.0080
0.0000
Yen against GBP
-0.07%
£0.0070
0.0000
Yen against USD
-0.44%
$0.0090
0.0000
As of 19:31 14 Aug 2018

Commodities

Oil
Commodity % change dollars per barrel
Change
Brent Crude Oil Futures
-0.10%
72.54
-0.07
WTI Crude Oil Futures
-0.09%
67.14
-0.06
Gold
Commodity % change dollars per ounce
Change
Gold (Forex Index am fix)
0.00%
1204.40
0.00
Gold (Forex Index pm fix)
-1.16%
1200.35
-14.05
Natural Gas
Commodity % change dollars per million BTU
Change
Natural Gas (Henry Hub Futures)
+0.90%
2.96
+0.03
As of 19:31 14 Aug 2018

In Monday trading Lloyds shares were up 1.3% at 79p.

The latest sale has cut the government's stake to 23.9% from 24.9%.

The Chancellor, George Osborne, said in a statement: "This is further progress in returning Lloyds Banking Group to private ownership, reducing our national debt and getting taxpayers' money back."

UK Financial Investments (UKFI), which manages the government's stakes in Lloyds and rival RBS, hired Morgan Stanley late last year to sell Lloyds shares on the stock market.

Reports have suggested that Lloyds will announce it is resuming dividend payouts to shareholders when it reports its annual results later this week.

Neither Lloyds nor RBS have made such a payment since receiving government support.

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