Virgin Blue up and away
Virgin Blue made its debut on the Australian Stock Exchange yesterday with investors taking an 8 per cent profit on the airline's listing price of $2.25. The stock commenced trading at $2.40 before reaching a high of $2.49 on high trading volumes, then closing at $2.43. The stock was the day's most actively traded with about 10 per cent of all stock on issue, worth $246 million. Shaw Stockbroking said the level of trading and the stock's performance were within expectations. The broker put the high trading volumes down to the fact that the offer had closed oversubscribed and investors were looking to top up their holdings.