Mar
The Scramble for Citigroup
By David Berman
With the U.S. Treasury Department announcing on Monday that it will sell its 7 billion shares in Citigroup Inc. (C) this year, it is hardly surprising to see a lot of shares trading hands. But the Wall Street Journal’s Market Beat blog noted that trading in Citigroup shares has dominated the New York Stock Exchange composite for some time, and often by a large degree.
On Monday afternoon, nearly 700 million Citigroup shares had traded, representing nearly 25% of all the trades on the NYSE composite. Since Dec. 17, 2009, there have been 31 days when Citigroup volume has represented 10% or more of the NYSE composite’s volume.
The biggest share of volume occurred on Dec. 17, when trading in Citigroup shares represented nearly half of all stock trading.
This fury of activity hasn’t done a whole lot for Citigroup’s share price, though. Unlike most financial stocks that have seen impressive recoveries, Citigroup shares remain among the most beaten up – down 93% from their highs.
March has been pretty good though: The shares have risen 23.7% this month, ahead of the 6.4% gain for the S&P 500 and the 9.5% gain for the financials subindex.
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