Lloyds shares hit five-year high on talk govt is poised to sell stake

Shares in taxpayer-backed Lloyds Banking Group soared to a five-year high yesterday amid speculation the government is poised to start selling its stake.

A source close to the situation said it was ‘entirely possible' that the share sale could begin this month - and possibly within the next seven to ten days, the Daily Mail reports. It is thought Chancellor George Osborne is keen to start offloading the government's 39% stake before the Conservative's party conference begins on 29 September. Lloyds shares jumped 1.22p to 78p - a closing price not seen since late 2008 when the global banking system was reeling following the collapse of Lehman Brothers. However, this morning they were back down by 2.5%, at 76.06p, one of the worst per...