After closing at almost $29 per share on Friday, UBS reached a market cap of $92.73 Bln, which was its highest since 2008. Investors are going to have a brilliant festive period, after all the profits they won from the recent price rise!
In July UBS was trading for $19 per share, which is $10 lower than what it reached last Friday. This is a brilliant 50% increase, although the Swiss banking system in particular suffered a lot stress in the beginning of the year. It seems nothing could stop the shares from rising further, as the current price is above the 20 day MA, which is above the 50 day MA which is above the 200 day MA. Bulls are in control and the UP trend seems extremely strong.
Its the financial results of UBS, which attracted all this buying activity. With a revenue of $37 Bln and Operating Margin 28.86%, UBS is a money making machine! The P/E is low, which is standard for the banking industry, but sitting at 2.62, it is much lower than any of the direct competitors. This can act as a further driver for growth.
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