From FT Alphaville’s favourite market maker: NRK -40.
If that’s on or near the money, shares in Northern Rock will be quoted at around 400p when trading resumes on Monday morning. That’s a further 8.5 per cent drop from Friday’s close and a 37 per cent fall since Thursday’s implosion.
But look on the bright side. On Monday, the indicated pre-opening call moved from -60 to -40 between 7.25 and 7.30. And that was after the FT said that if no buyer emerged, and Northern Rock had to be slowly wound down, its advisers had calculated the company might be worth just 180p a share.
Formal trading commences at 8am.
