Nokia delists from Frankfurt exchange
Applies to leave the German stock market because of low trading volumes, reinforcing negative week for investors
Published: 24 November, 2011
READ MORE: Financial | Germany | Nokia
Germany may have provided the most enthusiastic launchpad so far for Nokia's new Lumia smartphones, but in other respects the country is a black spot for the Finnish giant. It has applied to delist its shares from the Frankfurt Stock Exchange, citing "decreased trading volumes" there. If approved, this would be the fourth European exchange which Nokia has abandoned since 2003. It has previously delisted in London, Paris and Stockholm.
Nokia shares will continue to be traded on the Nasdaq OMX, the Helsinki Stock Exchange and in the US in the form of American Depositary Shares on the NYSE but the latest move will just reinforce the perception that the company's status as a global giant is being eroded, at a time when it needs to boost confidence in its turnaround plans.
"Nokia's trading volumes on the Frankfurt Stock Exchange have decreased during the years and currently represent only a small percentage of the total global trading volumes of the Nokia shares," the firm said in a statement. It added that the decision was a pragmatic one in an increasingly internet connected world that allows electronic trading from anywhere.
Sadly for Nokia, the only thing it seems to share with Apple right now is a problem with the batteries on its new handsets. The Finnish firm promised software to fix issues with battery life on the high end Lumia 800 model, while many users claim Apple's own fix for the iPhone 4S has not worked in all cases.
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