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General

Fnac shares lose 10% on first day of trading

Friday 21 June 2013 | 10:48 CET | News
French retail group Fnac's share price fell 10 percent to EUR 19.84 on its first day of trading after returning to the Bourse, reports Le Monde. The cultural products and electronics chain's value is affected by competition from online vendors. Flowback, or the immediate sale of shares after listing, was inevitable, given the fact that Kerring (formerly PPR) shareholders were swapped 8 Fnac shares for every Kerring share they held. Fnac's poor reception also reflects a bad day on the stock markets, after US Federal Reserve chairman Bernanke announced a plan to tighten monetary policy.

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Categories: General
Companies: Fnac
Countries: France
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