Friday 15 December 2017

Frenzy at the NASDAQ on a rollercoaster day

Peter Flanagan

Peter Flanagan

FACEBOOK had a rollercoaster first day's trading on the NASDAQ Stock Exchange in New York as thousands of investors piled in and then cashed out of the company.

Shares had been priced to start trading at $38 (€30) but that was obliterated in seconds as the shares soared as high as $45 each at the opening before quickly falling back to around $42.

The trading was marked by a frenzy rarely seen on markets, with over 500 million shares changing hands on the day.

Public interest meant far more "regular people" were trying to buy into the social network.

For most of yesterday, the company traded above the $40 for a comfortable 5pc gain but a late sell-off sent the price back down and the banks that had underwritten the shares had to step in to buy them and shore up the price.

Ultimately, Facebook finished its first day a fraction above its opening at $38.23, a gain of only 0.6pc.

Irish Independent

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