Shares in Lloyds hit government break-even price
(Reuters) - Shares in state-backed Lloyds Banking Group (LLOY.L) on Friday rose above the level which the government regards as its break-even price following its 20.5 billion pound rescue of the bank, raising hopes a sale could be imminent.
Lloyds shares rose 1.2 percent to reach 62.13 pence at 11:15 a.m., their highest for over two years and passing the 61.2 pence break-even price.
Although the government has not yet set a timetable for a sale, industry and political sources have said it wants to start selling when the shares are trading consistently above 61.2 pence a share. Britain's finance ministry declined to comment on Friday.
Prime Minister David Cameron is keen to show that Britain's part-nationalised banks are recovering from the financial crisis and a sale of the 39 percent stake in Lloyds, at a profit, would allow him to claim at least partial success.
http://uk.reuters.com/article/2013/05/17/uk-lloyds-shares-idUKBRE94G09A20130517