Analysts have been left baffled after the share price of Bankia rose by over 700 per cent during yesterday's (April 30th) trading.
Stocks in the company were up by 756 per cent in the morning session, but then fall back to their usual levels later in the day.
Speaking to the Daily Telegraph, Espirito Santo banks' analyst Juan Pablo Lopez said it is not very rational, adding: "I think some people must have got their maths wrong."
The sudden hike in the share price of Bankia has drawn comparison to a similar spike in Volkswagen stocks a few years ago.
Analysts believe the rise in Bankia's share price may be as a result of a so-called "short squeeze", where investors are forced to buy back shares they borrow from other investors after a price rise.
Earlier in the week, Santander confirmed that its profits were cut by 26 per cent in the first quarter of the year. Ana Botin, chief executive of the UK operation, explained the economy in the country remains "subdued".
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