Share price declines last week in Anglo Irish were disconcerting ahead of its results to be announced this Wednesday. Profit performance for the full year is expected to be respectable, but all eyes will be on the bad debt levels. Previously the bank guided for bad debt levels of 13 to 18 basis points, but this is expected to significantly rise as the bank puts aside more money to cover loan losses. The stock began the week at 94 cents, but by late Friday evening it was trading at 85.4 cent, after staging a slight recovery from mid-week lows. Considering the volatility of the stock, this week is certainly not going to be boring.
Anglo is a great buy. At these levels they will do the same moves as BOI did the last two weeks. So if u buy now you will at least double your money and they will suprise a lot of people with their results this week