This is what happens when you swing from a record profit, to a record loss in 12 months. This is also what happens when shareholder equity is eliminated and the Goverment controls 70% of one of the biggest banks in the World:
PS this drop is from this morning only. You could buy this for 45p on Friday afternoon, it has dropped 70% today! Personally I am delighted at this drop as this is what the UK stock market deserves for being illiquid and rigged. Reminds me of the FNM FRE collapses. CMC were clearly not chuffed with this mornings volatility, and increased their spread from about .1p to over 1p at one point – a 10% spread on the UKs most traded stock – LOL! No wonder I don’t trade UK stocks.
Elsewhere the FTSE gave up 4100, then 4080 and is currently thinking about dropping to 4000. S&P; has been slow today as predicted, and has sold to 840.
Update 5 min later:
CMC spread went to 33% and RBS has been suspended. Oh dear!