Porsche AG shares rallied on their Frankfurt market debut on Thursday as traders dumped holdings of its controlling companies to grab a slice in the newly listed supercar manufacturer. The listing of Porsche AG, under a trading code that includes the 911 number in a nod to its most famous model, defied turbulent markets to give the car brand a value north of 75 billion euros ($72.78 billion). Traders said some investors that bought Volkswagen and Porsche SE to play a potential IPO boom might be unwinding their positions and switching into Porsche AG, which was trading not too far from the offer price. “There seem to be shifts from Volkswagen into Porsche AG,” said Jochen Stanzl, analyst at online broker CMC Markets. “The sports car maker is seen by some as a luxury goods manufacturer and therefore valued higher than an industrial group.” Read original article here.
