Dallas, Texas 10/29/2013 (Financialstrend) – Allied Irish Banks PLC (ADR) (OTCMKTS:AIBYY) has a market capitalization of $72.55 billion. It was one of the financial institutions which had been majorly hit by the economic turmoil the Irish economy faced over the past 18 months. The bank had been bailed out by the government and had to put together a deleveraging plan. In September last week, the bank had announced that it had completed putting together the mandated plan before the deadline. It had indicated that the plan will be executed in order to complete the banks restricting efforts beforehand. One of the salient features of the plan was the positive variance in the capital when compared against the minimum requirements prescribed by regulatory authorities in the “Financial Measures Program”.
During trading on October 28, the stock had shed close to 9.68% from the previous day close. This compares very badly in correlation to Dow Jones slipping by 0.01% during the day and the financials index going down by 0.15% in the same period. At current valuations the stock is trading at 141% above its 52 week low pricing and is down 40% from its 52 week high bench mark.
In the past 30 days the banking stock has seen a 14% appreciation in its market valuation. The appreciation in the stock price over the previous thirty days can be divided into two half. In the first half, the stock appreciated only by 5 cents during the first fifteen days of the month. In the second half of the month the stock took off. It charted a stupendous 77% increase in value over three days of trading to hit a 52 week high of $2.16 as of October 18. Since then the stock has shed some of its hard earned gains. It has managed to lose close to 35% of its market value since October 18 to end at $1.4 as of October 28 trading.