Lloyds Gains 0.11% Near 109.35p as UK Mortgage Approvals Drop 15%

1 articles · Updated · bez-kabli.pl · Jun 29

Lloyds traded up 0.11% to 109.30p/109.35p in late-morning London dealings, outperforming Barclays and NatWest even as fresh Bank of England data pointed to a weaker UK home-loan market.
UK mortgage approvals fell to 56,200 in May from 66,000 in April, while net mortgage lending dropped to £2.9 billion from £4.4 billion and the effective rate on new mortgages rose to 4.22%.
That slowdown matters for Lloyds because UK mortgages totaled £324.7 billion at March 31, about 66.8% of its underlying customer loans, tying its balance sheet closely to housing demand.
The shares were also supported by Lloyds' ongoing buyback: it repurchased 10 million shares on June 25-26 at an average 109.37p, almost identical to Monday's market price, with the stock due to report earnings on July 30.