Ex.2 Match up the half-sentences below, which make up a text about stocks and shares

1 Successful companies can issue stocks or shares (certificates representing part ownership of the company) 2 Offering these stocks for sale to financial institutions and the general public changes the business 3 Selling stocks for the first time is called an IPO or initial public offering in the US 4 Companies use an investment bank to find buyers, and to underwrite the stock issue, 5 Stocks and shares are also known as equity or equities; the most common form 6 After shares have been issued they can be traded on the secondary market at 7 Some stock exchanges have automatic computerized trading systems that match up buyers and sellers; others have market makers - 8 Stock prices rise and fall depending on supply and demand, 9 Consequently the nominal value of a share - the price written on it - is rarely the same as its market price - 10 Companies either distribute part of their profits to shareholders as an annual dividend, 11 Stock markets are measured by stock indexes (or indices), A period during which most stocks (and the stock index) are rising is called a bull market,

A and a flotation or an IPO in Britain. В and one in which most of them fall in value is a bear market. С the stock exchange on which the company is listed or quoted. D from a private to a public company, and is called going public. E i.e. how many sellers and buyers there are. F i.e. to guarantee to buy the stocks if there are not enough other buyers. G is called common stock in the US, and ordinary shares in Britain. H or keep the profits in the company, which also causes the value of the stocks to rise. I the price it is currently being traded at on the stock exchange. J to raise capital to expand their operations. К traders in stocks who quote bid (buying) and offer (selling) prices. L which show changes in the average prices of a selected group of important stocks.

Listening: A financial news report

Ex.3 CD 2.3 Listen to an extract from a financial market report on an American radio station. The newsreader mentions the prices of the following securities, currencies and commodities. In each case, does she say that the price has risen, fallen, or stayed almost the same?

	RISEN	FALLEN	UNCHANGED
The Dow-Jones
The S&P 500

The NASDAQ
Shares in Germany
Shares in France
Shares in Britain
Shares in Japan
Shares in Australia
The dollar against the euro
The dollar against the pound
The dollar against the yen
Gold
Oil

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