Financial Services Industry
Industry: Email Alert RSS FeedStock overhang hits exchange shares.
Financial News, March, 2003
Byline: Yasmine Chinwala
Stock sales by legacy shareholders are depressing cshort-term share prices on European exchanges, according to analysts.Manus Costello, exchanges analyst at Merrill Lynch, says: "Stock overhang has been one of the risks for each of the exchanges, and we think that it continues to be an issue."
Since its IPO in July 2001, Euronext has only traded above its [euro]24 offer price for a few weeks last summer. Deutsche Borse floated at [euro]335 per share, the equivalent of [euro]33.5 following the exchange's 10-for-one offer, and peaked around [euro]50 in March 2002 to trade at under [euro]37. The London Stock Exchange (LSE), floated just below pound sterling4, and is now trading around pound sterling3.
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