Early trading in ADP shares show modest gain

16th June 2006, Comments 0 comments

PARIS, June 16, 2006 (AFP) - Shares in French airport operator ADP were showing a gain of 1.36 percent to EUR 44.60 shortly after they were floated here on Friday.

PARIS, June 16, 2006 (AFP) - Shares in French airport operator ADP were showing a gain of 1.36 percent to EUR 44.60 shortly after they were floated here on Friday.

The shares were issued to small investors at EUR 44.0 and to institutions at EUR 45.0, but in pre-market so-called "grey" trading they had risen by about 19 percent.

But the price opened officially with a net gain of 4.45 percent.

The overall French stock market was ahead by 0.65 percent as measured by the CAC 40 index of leading shares.

Dealers, who had expected ADP shares to rise more sharply, said that they had been caught in across-the-board profit taking.

The French state is retaining an interest of 67.5 percent in ADP, while raising EUR 591 million from the initial public offering.

Copyright AFP

Subject: French news

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