On August 5, French Bank Credit Agricole posted on its site the report for the second quarter 2013 by accident, though initially it was supposed to make it public only on August 6 in the daytime. As The Financial Times told, the bank ascribed such an oversight to the technical error.
Companies and banks whose shares are traded on exchanges try to publish their financial statements dead on time since this determines traders’ performance. As a rule, the most of bargains are booked within the first minutes of trading after announcing a certain emitter’s results.
It is still unclear when exactly the report showed up on the site. According to the media source, it could hardly happen before closing exchange on August 5, when the bank’s shares rose in price by 2.5%. On August 6 in early hours, they shot up by 5%, but after that they turned back to the closing price on Monday. Credit Agricole’s capitalization has swollen more than twice in a year.
The stock growth of the third largest French bank could be connected to the fact that the financial records turned out to be better than economists had expected. So, the financial organization’s net profit surged from €56 million to €696 million, while analysts in Bloomberg poll forecast that such key figure would reach €482 million.
Untimely released financial reports take place on exchange frequently. So, in October 2012, Google web search published its report by mistake a few hours earlier than the schedule time; this resulted in the quotation crash.
