REFINERY AGREEMENT PUSHES BANK OF AMERICA SHARES UP
Oct 9 2014, 11.10am GMT
Bank of America [BOA] with its low levels of portfolio yield, has already positioned itself to benefit from any rise in interest rates that the FED may decide on. Their interest margins will subsequently grow faster that the portfolio yield.
Now news has broken that Bank of America has reached an agreement with Philadelphia Energy Solutions to provide inventory and working capital finance to their oil refinery, the largest on the East Coast. BOA takes this responsibility on having usurped JPMorgan Chase through a reorganised agreement.
Sentiment is verging on bullish with BOA shares closing at $17.12, +0.24 cents higher at a 1.42 percent increase.
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