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London kept its lead in the European market in the first quarter with a 29% share of floats.
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And foreign investors, who hold around 70% of floating shares on the Istanbul Stock Exchange, have yet to take fright.What will the army do next?
Along with Porsche's 42.6% direct stake in the company, and the state of Lower Saxony's 20% holding, the huge position suddenly left short-sellers with a very limited amount of floating shares with which to close their positions.
But with the shares of some recently floated tech companies, such as Renren, a Chinese firm, now trading for less than their issue prices, analysts have warned that the evidence is mounting of another tech bubble.All that glisters is not goldGlencore entered the FTSE 100 on its stockmarket debut in London.
Analysts blamed the poorer-than-expected first-day showing on the vast number of shares floated and market weakness.
Former Hearts player Nade connected with Ryan Conroy's floated corner to grab an unlikely share of the points.
The proportion of shares that float on the stockmarket will increase to 70% from 49%.
When that boom busts, the gain in Spain will turn mainly into pain.Spanish capitalism, for all its new-found foreign elan, is still a clannish affair, with banks holding locking stakes in companies and firms holding cross-shareholdings in each other, which limits the proportion of shares that float freely.
Morgan Stanley said there were $64.5 billion worth of new shares floated in 2007, and 30.4% of those shares are locked up as IPO investments subscribed by institutions for as much as three years.
Johnson cites short interest in May of almost 23 million shares (out of a 208.6 million share float) for a short-interest ratio of 14. "This indicates that it would take more than half a month of trading at the average daily trading volume to cover the current short positions," he says.
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