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Investing.com -- Shares of French bank BNP Paribas (OTC:BNPQY) experienced a fall following a report on Tuesday by French financial media Les Echos that the Belgian government is contemplating selling its shares to establish a defense fund.
The shares of the French lender were down by 2.1% at around 09:16 GMT, a more significant drop than the European Stoxx banking index, which lost 1.1%. The sharper decline in BNP’s shares was attributed to the report of Belgium’s potential sale.
BNP’s shares had been on an upward trajectory, with a 32.5% increase since the start of the year, as of Tuesday’s close. The stock reached an 18-year high last week.
Belgium, through its financial arm SFPIM, currently holds a 5.6% stake in BNP Paribas. This stake was acquired after BNP bought Fortis (NYSE:FTS) Bank Belgium in 2009. The Belgian government has yet to respond to requests for comments on the reported sale.
If the Belgian government proceeds with the sale, it would involve 63.3 million shares. Based on the current market value, this disposal would be worth approximately 4.84 billion euros ($5.22 billion).
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