Rupert Murdoch’s spun-off New News Corp (NNC) was trading down from its opening price of $15 after its first day on the Australian Securities Exchange.
At 2:25PM this afternoon it was at $14.79, after shares began trading at midday on a deferred settlement basis. News Corp’s formal break-up date is June 28.
The new business is made up of News Corporation’s newspaper businesses in Australia, as well as publishing divisions in the United States and UK, Harper Collins, Foxtel, Foxsports and REA Group.
The class B voting shares opened at $15 before slipping. Class A voting shares in New News Corp opened at $15.60.
According to AAP, the falls are not being viewed too negatively, with analysts predicting volatility this week as investors decide whether to keep the stock.
WaveStone Capital co-founder Ian Harding told The Australian how the business trades in the US will be more revealing.
“The stocks are trading in the boundaries of what people were expecting,” he told the newspaper. “But the real test will be tonight (our time) in the US, and we will tend to follow that lead.”
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