The market is down in the U.S. on a holiday-shortened trading session. Still, there is active trading in the Irish banks today. The Bank of Ireland (NYSE: IRE) was down much worse but shares are now down about 2.6% at $1.54 after a low of $1.46 this morning. Allied Irish Banks plc (NYSE: AIB) is now flat at $1.01 after having traded briefly at $0.95. Early pre-market indications showed both of these banks down closer to 10%. In short, any small losses here may actually be considered a win.
AIB has actually seen over 4.5 million shares trade after just 45 minutes this Friday and an average day’s volume is only about 6.3 million shares. IRE has already gone 150% of normal trading with over 9.6 million shares traded in just 45 minutes since the open versus an average day’s volume of almost 6 million shares.
The difference here is that U.S. markets were closed for Thanksgiving on Thursday. The only giving thanks in local trading in Ireland on Thursday while Americans were eating turkey was that Ireland still had plenty of potatoes.
JON C. OGG