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Trading in eXchange shares starts briskly

Dealing in shares of eXchange Holdings started briskly this morning with a 10 per cent rise in value in the first few minutes of trading.

The IFA internet service provider announced a placing at 200p per share but early trading saw this rise to 226p within minutes.

The trading debut gave the eXchange a market value of more than £400m.

The eXchange&#39s float price was just below the top end of the range indicated of 170p- 207p .

The eXchange has already posted profits of £4.4m this year and has approximately 10,000 IFAs and produces 47m financial services quotations a year.


Davies rubbishes endowment critics

FSA chairman Howard Davies has rubbished recent criticism of endowment mortgages and &#34absolutely&#34 ruled out banning them.There have been calls MPs and sections of the press for endowment mortgages to be scrapped because they are high risk investments, which can underperform and fail to pay off loan capital. But Davies, in an interview with Money […]

Standard Life Investments hits £35m Isa sales mark

Sales of Isas at Standard Life Investments have topped £35m in the three months since their launch according to the company.The life office says sales of Isas have exceeded their Pep equivalents for the corresponding period last year.Standard reports mutual funds sales for the first three months of this tax year reached £75.8m of which […]

C&G warns borrowers to be sensible

Cheltenham & Gloucester is warning homeowners not to get carried away with the current housing boom.The lender says the housing market is set to remain buoyant but borrowers need to be sensible and not overstretch themselves.C&G says: &#34Homeowners should still be looking at affordability based on their monthly outgoings and, where possible, building in a […]

NUIF appoints managing director

Norwich Union has appointed Gerard Quirke as managing director for its investment funds division NUIF.Quirke was previously managing director, global services at Invesco. Following Invesco acquisition of LGT Asset Management Quirke co-ordinated the European integration of two groups.Prior to LGT he was finance director at Framlington.NU&#39s chief executive Philip Scott says: &#34Gerard has a proven […]


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