Yesterday Tradek.com closed its first day of trade a healthy 23% up, closing on R1.23 after placing at R1. The online stockbroker will significantly cut the cost of trading in the usual manner by circumventing a good deal of brokerage fees.
The company`s first day of trading took place in a volatile IT market that saw Elexir lose more than 30% of its share value after issuing a profit warning. Embattled Elexir has just restructured the company`s board of directors in a bid to return to profitability. The warning referred to operational losses for its August year-end due to operational difficulties at various subsidiaries.
Tradek.com MD Paul Theron says the company is delighted to have closed well up. Close to a million shares traded out of the 90 million shares in issue.
"We are particularly pleased that our base of registered private clients, which was offered the option of shares at the placement price of R1, has benefited from the listing," says Theron. "They have participated in what was effectively SA`s first online listing."
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