There may be several arguments about inclusion rules and timing and certainly when a stock with a Price /Earnings ratio of 1260 joins an index where the average P/E is 36 it is likely to cause waves rather than ripples.
We knew it was going to be big…but this exceeded expectations.
For a stock that trades huge volumes anyway the Tesla volumes on Friday were staggering.
We can see on our first chart that $200bn traded on that one day. To put that in context, the biggest day in Europe since MiFIDII across ALL stocks was €132bn.
In the second chart we show a daily comparison (last Thursday vs Friday) of the Tesla turnover by the trade category. In the closing auction alone, Tesla traded $48bn versus $1bn the previous day.
To put this in perspective, we recently highlighted the record European single stock closing volume – the two listings of Unilever consolidated resulting in a combined closing turnover of €8.8bn.
Can some presence just be too big to be acceptable?
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