The share price rise began just before 10am and in just over an hour Bankia’s market value had increased by 756pc. It then gradually fell back throughout the remainder of the trading session. At its peak, the market value of Bankia reached €94bn (£79bn), close to the combined capitalisation of Spain’s two largest banks, Santander and BBVA. Market observers struggled to explain the astonishing rise. Espirito Santo banks’ analyst Juan Pablo Lopez said: “It’s not very rational. I think some people must have got their maths wrong.” Most analysts, including Mr Lopez, agreed that the rise was most likely the result of a ... (full story)