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Royal Mail shares close up 38%

Shares in Royal Mail have closed 37.9% up at 455p after a feverish first day of trading on the stock market.

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Trader describes busy morning on the stock market

Shares in Royal Mail soared by 36% in early trades, after the government set the price at 330p per share yesterday.

Traders are reporting a busy morning as clients, including those known as high-net-worth individuals (NHWI) who missed out having applied for more than £10K, scrambled to buy their share of the 500-year-old institution. Will Hedden, a sales trader with IG, explained:

We have had a busy morning, lots of buying, mostly from our existing client base. This has however covered the full range of our clients, from HNWI who would have missed out having applied for more than £10k, to small hobby traders.

From who we have spoken to, it is people withstock market experience at least so not jumping into the market for the firsttime.

We have had enquiries to short the shares, but we aren’t able to offer this yet, possibly later in the day. We have seen some day trading of it as well, and it has certainly captivated the audience.

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Royal Mail shares close up 38%

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