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Paddy Power (PAP) Share Price London Stock Exchange October 28

Today’s opening for Paddy Power was 56.94, well up on its previous close of 55.75, but sank steadily throughout the day.

Performing significantly under the numbers when compared to the same time last year, Paddy Power has made significant gains of its year-low in the early summer.

The majority of today’s trading activity was consumed with the purchase of stocks, with 64.03% of share volume falling into the purchase category.

While the first half of 2014 was witness to a 20% fall in pre-tax profits, Q3 began well for the company with stakes growth and a rebound in sports results according to chief executive Patrick Kennedy. The World Cup tournament reportedly brought in almost €200m, a figure 130% larger than the previous tournament.

The company expects to resume share buybacks by year’s end, when mid-teen percentage growth is expected.

 

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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