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Barclays might have bounced back into the black in its full year results today, but its share price tumbled back into the red on Thursday afternoon after an early climb.
Shares in the group, which rose as much as 3 per cent in early trading, reversed course later in the morning, falling as much as 3.9 per cent and wallowing near the bottom of the FTSE 100. By publication the shares had recovered slightly, but were still down 2.8 per cent to 229p.
The reversal reflects a mixed analyst response to the results, despite chief executive Jes Staley remarking that “I am more optimistic than ever for our prospects in 2017″.
Berenberg analyst Peter Richardson described higher than expected costs and impairments as a “big miss”, but analysts at Deutsche Bank argued that the miss was influenced by the timing of charges which will be offset in future years, meaning underlying profits were still better than expected.