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Rathbones takes 'strong action' on 'possibility of market abuse'

Rathbones takes 'strong action' on 'possibility of market abuse'

(Update) Rathbone Brothers has issued a stock exchange announcement saying it is investigating the possibility of market abuse following a post on social media news site Reddit.  

Shares in Rathbones have endured a volatile day of trading, down by as much as 10.3% at 12.20pm in reaction to the allegation posted earlier in the day. 

After clawing back some ground shortly after Rathbones issued its statement at 1.13pm to narrow losses to around 5%, investors started selling out again at around 2pm.

The shares closed the day 5.3%, or 142p, lower at £25.09p.

'Rathbones notes the movement in its share price this morning which coincides with an anonymous allegation made in an online discussion forum,' the stockmarket announcement read. 

'We are not aware of anything that would give substance to this allegation and are taking strong action. We are alert to the possibility of market abuse.' 

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