LONDON, July 4, 2026, 14:07 BST
- London is shut for the weekend. Lloyds ended Friday at 115.05p, up 5.4% from the prior Friday close.
- Lloyds bought 5 million shares on Friday at a 114.2565p volume-weighted average price, close to the session high.
- A partial suspension of the UK motor-finance redress scheme pushes the timing of cash payouts deeper into 2027 at least.
- The next scheduled company event is July 30, when Lloyds reports half-year results and gives a strategy update.
Lloyds Banking Group plc (LON:LLOY) goes into the weekend at a price that makes its own buyback tape more useful than usual. The stock closed Friday at 115.05p after touching 115.40p, the top of its 52-week range, and was up 5.4% from the prior Friday close of 109.20p. The FTSE 100 (INDEXFTSE:UKX) closed Friday up 0.2% at 10,679.03, with financials among the stronger sectors.
The week’s Lloyds tape was plain: a weak Monday, then four up days.
| Session | Close | Daily move | Volume |
|---|---|---|---|
| June 26 | 109.20p | -0.77% | 193.81 mln |
| June 29 | 108.80p | -0.37% | 222.00 mln |
| June 30 | 111.10p | +2.11% | 157.25 mln |
| July 1 | 112.15p | +0.95% | 176.09 mln |
| July 2 | 114.65p | +2.23% | 236.14 mln |
| July 3 | 115.05p | +0.35% | 134.14 mln |
Lloyds said it bought 5 million ordinary shares on July 3 through Goldman Sachs International, paying 113.40p to 115.35p, with a 114.2565p volume-weighted average price. That buyback was equal to about 3.7% of Friday’s reported volume, and the top repurchase price was only 0.05p below the day’s 115.40p high. The shares are to be cancelled.
That is the data point investors should care about. The bank is retiring shares almost at the year’s high, while the share price now stands at about 1.99 times the 57.9p tangible net asset value per share Lloyds reported for March 31. That is no longer a cheap recovery trade; it is a return-on-equity trade.
| Valuation and delivery check | Latest data |
|---|---|
| Friday close | 115.05p |
| Q1 tangible net asset value per share | 57.9p |
| Price/TNAV, using Q1 TNAV | 1.99x |
| Q1 return on tangible equity | 17.0% |
| 2026 ROTE guidance | above 16% |
| Median 12-month analyst target | 124p |
| Implied upside to median target | 7.8% |
The stock’s week beat Barclays Plc (LON:BARC) and HSBC Holdings plc (LON:HSBA), and ran ahead of the index. NatWest Group plc (LON:NWG) was the closest large UK bank peer on the same simple Friday-to-Friday close measure.
| Share/index | Friday close | Week change |
|---|---|---|
| Lloyds Banking Group (LON:LLOY) | 115.05p | +5.4% |
| NatWest Group (LON:NWG) | 682.80p | +4.0% |
| Barclays (LON:BARC) | 522.30p | +2.3% |
| HSBC Holdings (LON:HSBA) | 1,451.00p | +2.0% |
| FTSE 100 (INDEXFTSE:UKX) | 10,679.03 | +1.6% |
The rally has come while one of Lloyds’ main legal overhangs has changed shape, not gone away. The Financial Conduct Authority said on July 2 that the Upper Tribunal had suspended parts of its motor-finance redress scheme, while Reuters reported that payments could begin in 2027 if the plan survives and any ruling is not appealed. If the scheme is struck down and the FCA consults on a revised plan, redress could slip to 2028 or later.
Hargreaves Lansdown Senior Equity Analyst Matt Britzman wrote after Lloyds’ Q1 results that the bank was “more exposed than peers” to historic motor finance and that its “valuation isn’t as attractive as it once was.” That line has more bite after this week’s move. HL
Lloyds also used the week to push through a consumer-brand change. It said Halifax will change to Lloyds, Halifax will stop opening new accounts, and Halifax branches will be rebranded through 2027. Jas Singh, CEO of Consumer Relationships, said Halifax customers would keep the “same sort code and account number.” Lloyds said there were no role cuts tied to the announcement. Lloyds Banking Group
The rebrand matters less for near-term earnings than for the July 30 strategy update. Lloyds is trying to show it can keep costs tight, simplify the consumer bank, and still hold deposits as Halifax customers move over time. The group said it had recently invested 116 million pounds in its Trinity Road office in Halifax, where 3,000 staff remain based.
The last hard earnings base was strong. In Q1, Lloyds reported 4.785 billion pounds of net income, 2.025 billion pounds of statutory pretax profit, a 13.4% CET1 ratio and a 3.17% banking net interest margin. Chief Executive Charlie Nunn said Lloyds was “confident in our delivery for the year ahead” and pointed to a new strategy alongside half-year results. Lloyds Banking Group
The week ahead has no scheduled Lloyds earnings. The company calendar lists half-year results and the strategy update for July 30, with the Q3 interim management statement set for Oct. 29. Until then, the daily buyback notices, any motor-finance court signals and UK mortgage data are the tape.
