Here's One Stock Traders Are Using As A Proxy For The Greek Exit

drachma

Photo: Pictoscribe – Home again on flickr

What started as a trading rumour has now turned into an interesting way to look at the possibility of a Greek exit from the Eurozone.The buzz going around some trading floors early Monday was that money printer De La Rue had been rumoured to be contracted to print drachmas—the original Greek currency—in the case that Greece leaves the Eurozone, according to the FT.

Although a rumour, investors reacted positively to the news, sending the banknote printer’s share prices up to a yearly high of 1,024 pence in the beginning of the Monday trading day in London. The stock trades under the ticker DLAR on the London Stock Exchange. And some analysts called it another clear indication of what the market thinks of the possibility of Greece leaving the euro, according to MarketWatch.

De La Rue reported yearly earnings Tuesday—revealing higher revenue but depressed profits—which caused the stock to fall down to 987 pence per share on the European close. The company’s chief executive also remained tight-lipped about the rumour of printing drachmas.

Still, a fun indicator of market sentiment nonetheless.

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