Barclays Stock Rises 7% After Earning More Than Expected In The Third Quarter

By Jeremy Miller of Admiral Markets

Access To Financial Markets Made Easy • Oct 24, 2020 at 2:42 PM EDT

The rises have influenced the rest of the European banking sector.

Barclays (NYSE:BCS) shares were up more than 7% at noon GMT on Friday to 111.9 GBX, after the British bank reported that its third-quarter profit exceeded forecasts with 1.1 billion pounds before tax, double the consensus of analysts.

According to the bank, this happened thanks to the fact that business directed to consumption became profitable again, while the provisions against bad loans fell.

The bank posted provisions of 608 million pounds, well below the 1 billion pounds analysts had expected, according to Reuters.

For its part, Nordic consortium Nordea (ADR:NRBAY) has announced that its profit up to September was 1.54 billion euros, 94% more and above expectations. Their shares are up 5%.

The rises of these two entities on the stock market have influenced the rest of the European banking sector, with increases of 2% on average.

Admiral Markets MetaTrader 5. Barclays daily chart

Source: Admiral Markets MetaTrader 5. Barclays daily chart. Data range: from May 10, 2019, to October 23, 2020. Prepared on October 23, 2020, at 12 noon. Keep in mind that past returns do not guarantee future returns.

So far, in 2020, Barclays has fallen 37.70% on the stock market. The year 2019 managed to close with a rise of 19.35%, while in 2018, it fell by 25.89% and, in 2017, by 9.11%. In 2016, it rose 2.08% in the stock market.

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