Фондовая биржа. Техника продаж ценных бумаг на биржах. (NASDAQ, NYSE, Dow Jones Industrial Average)

Stock exchange – place where stocks, shares, debentures and other bonds are bought and sold.

Stockbroker – dealer in stocks and shares, trading has to be done through them (ordinary people are not allowed to deal on Stock Exchange).

Stock selling process:

- person with money to invest approaches stockbroker (directly, through bank manager or solicitor)

- stockbroker advises type and quantity of shares to buy

- client pays broker’s comission and government stamp duty in addition to share cost

- broker charges commission of ½-1½ per cent (depending on amount of money involved)

- broker goes to the floor of the Stock Exchange

- approaches jobbers (who buy and sell shares)trying to get the lowest price for his client’s shares

- broker gives the shares as a certificate to the client, he holds his share and gets dividends

Factors affecting share prices:

- company’s profits

- board of directors’ policies

- government policies

- taxes

- labour strikes

- unemployment

- general market level rising

- takeover or merger prospects

- world affairs

Speculators – people active in buying and selling shares on the stock market:

- bulls buy shares expecting prices to rise

- bears sell shares expecting prices to fall

- stags buy newly issued shares in the expecta­tion that prices will rise, then sell them on in the hope of making a quick profit

Share index – representative group of shares chosen as a barometer of the movement of the market as a whole:

- FTSE 100 – the 100 largest companies listed on the British stock exchange.

- NIKKEI 300 – the top 300 shares on the Japa­nese stock market.

- Dow Jones Industrial Average – 30 leading industrial companies in the US

- NASDAQ – the largest electronic screen-based equity securities trading market in the USA

- NYSE – the world’s largest stock exchange by market capitalization (New York, USA)