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Bank of America denies stock offering rumors
March 20, 2012 / 1:52 PM / 6 years ago

Bank of America denies stock offering rumors

A Bank of America sign is seen outside of a branch in Greenville, South Carolina January 18, 2012. REUTERS/Chris Keane

(Reuters) - Bank of America Corp said on Monday that it has no intention of issuing additional equity in a secondary offering, contrary to markey rumors that apparently lowered its stock price during afternoon trading.

Bank of America shares eclipsed $10 during Monday’s trading for the first time since July before sinking in afternoon trading. The shares closed down 2.8 percent to $9.53, even as the KBW Bank Index climbed .46 percent.

Shares of the second-largest U.S. bank by assets have surged since the bank last week passed the Federal Reserve’s stress test of 19 large banks. The shares are up 71 percent this year after falling 58 percent last year.

(This story was refiled to additional subscribers)

Reporting By Rick Rothacker; Editing by Bernard Orr

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