Tiscali 2008 Annual Report Download - page 29

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REPORT ON OPERATIONS
28
The average monthly price for the period was EUR 1.567. The
maximum price of EUR 2.637 for the period was recorded on 8
May 2008, and the minimum of EUR 0.625 on 27 October 2008.
Trading volumes stood at a daily average of about 14.3 million
items, with a daily average trade value of EUR 22.3 million.
AVERAGE TRADING OF TISCALI STOCK ON THE ITALIAN STOCK EXCHANGE
DURING 2008
Price (EUR) Number of shares
January 1.487 12,788,138
February 1.755 32,117,697
March 1.661 13,822,070
April 2.249 26,158,202
May 2.454 20,151,529
June 2.299 14,820,141
July 1.665 11,796,192
August 1.492 7,175,045
September 1.413 6,522,768
October 0.783 10,892,793
November 0.826 10,933,918
December 0.721 5,020,751
AVERAGE 1.567 14,349,937
During the first quarter, from January to March, the stock
achieved a daily average of EUR 1.63. In this period, and
precisely on 14 January 2008, the Company announced a
share capital increase under option for approximately EUR 150
million, concluded in February, which negatively influenced
the stock trend (also see “Significant events during the year”).
During the second quarter, from April to June, the stock
achieved a daily average of EUR 2.34. In this period, the
Company launched a process aimed at maximizing the value
of the company assets which, generating strong expectations
over the short term, pushed the price of the shares upwards
(also see “Significant events during the year”).
During the third quarter, from July to September, the stock
achieved a daily average of EUR 1.53, re-establishing itself at
the average levels of the first quarter.
During the fourth quarter, from October to December, the stock achieved
a daily average of EUR 0.78, pushed downwards by the general
deterioration of the financial markets and the global economy.
The overall performance of the Tiscali stock is set within the
context of the global share market which in 2008 lost between
30% and 50% of the initial value. Italy in fact did not remain
immune. As a result, the Italian Stock Exchange lost nearly
50% of its value from the start of the year, with
telecommunications operators fluctuating between minus 20%
and minus 70% from the year start value.
140%
120%
100%
80%
60%
40%
20%
0%
Jen-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08
SOURCE: BLOOMBERG, TISCALI ANALYSIS
UNITED INTERNET TELECOM ITALIA ILIAD TISCALI FRANCE TELECOM FASTWEB
FIG. 4.8 – SHARE PERFORMANCE OF THE MAIN TLC OPERATORS IN EUROPE DURING 2008