NEARLY 1 MILLION SHARES TRADE IN FIRST DAY ON NEW EMERGING COMPANY MARKETPLACE AT AMEX; INTERTEL COMMUNICATIONS LEADS ECM ACTIVES
NEARLY 1 MILLION SHARES TRADE IN FIRST DAY ON NEW EMERGING COMPANY
MARKETPLACE AT AMEX; INTERTEL COMMUNICATIONS LEADS ECM ACTIVES
NEW YORK, March 18 /PRNewswire/ -- Trading in the new Emerging Company Marketplace(SM) (ECM/SM/) at the American Stock Exchange approached 1 million shares today -- its opening day.
The turnover of 950,900 shares in the ECM market at the Amex accounted for more than 75 percent of total volume in ECM issues that may have traded on regional marts or in the over-the-counter market.
Intertel Communications Inc. of Denver, Colo., led the ECM actives,with 254,100 shares traded. The stock closed at 2, down 1/8 from its opening price this morning. ECM statistics are kept separate from the regular Amex stock table, but Intertel's volume today would have placed it among the 10 most active Amex issues.
"We have felt all along the auction market is the best market for emerging companies; that the need was out there," said American Stock Exchange Chairman James R. Jones. "We are pleased with the tight markets and good volume that took place today," he added.
/CONTACT: Sarah Luke, 212-306-1650, or Bob Shabazian, 212-306-1630, both of AMEX/ CO: American Stock Exchange ST: New York IN: FIN SU: PS -- NY082 -- 9437 03/18/92 17:45 EST