Internet mania rockets through market

THE PHENOMENAL surge in Internet stocks roared on yesterday as GlobalNet, a markets information provider, soared 60 per cent on its market debut, and Interactive Investor International (III), a rival financial services provider, unveiled plans for a January flotation.

Internet mania drove up many on-line stocks. Media and telecoms shares benefited from their proximity to the Internet and a spate of new web ventures. BSkyB hit an all-time high, rising 7.2 per cent to 938p after it acquired a 10 per cent interest in, a computer games portal., a London-based online travel company listed in Frankfurt, saw its shares rise 12 per cent to 23.38 euros after buying two German cyber-travel firms.

"Institutions are so underweight in these stocks they will bite your hand off to get a piece of the action," said a trading director with a major City firm. "Fund managers are very demoralised. They cannot rationalise any of the stock prices." The pace in the online sector was set by GlobalNet's unprecedented debut on Aim, soaring from a float value of 170p to close at 260p. The company, also listed on Nasdaq, operates websites, some linked with Freeserve, providing financial news and information.

Demand for the stock prompted Beeson Gregory, the stockbroker sponsoring the issue, to up the flotation range from 95p to 115p to 130p to 150p, and then to 155p to 185p. Freeserve invested $15m (pounds 9.4m) to acquire two million shares at prices between $1 and $2 per share in May.

Stanley Hollander, who runs GlobalNet from the top floor of a luxury Mayfair terrace, was in New York, negotiating deals. "I hope it's just the beginning," he said. "Our motto is content is king."

He said the pounds 43m raised from the issue would be used to beef up GlobalNet's IT system and acquire new content, with a view to being the number one Internet shopping centre for financial products.

GlobalNet runs Freeserve's financial news service,, using its 18-strong editorial team and other outsourced content. It will offer on-line share dealing in February. Mr Hollander, who sold around 150,000 shares yesterday, still has shares and options worth pounds 2.1m at yesterday's close. Mr Hollander used to sell VCRs before working in brokerage.

III, 46 per cent owned by Conrad Black's Hollinger International, the newspaper publishing group that owns The Daily Telegraph, said it expects to float at least 20 per cent of its stock in London and on Nasdaq.

III, founded in 1995, provides share price quotes, news, fund management coverage and help for investors.

Peter Bradshaw, an analyst with Merrill Lynch, said: "Not every company is going to be a winner, but the market is treating all of them like they will be."

Pro-Russia rebels guard a train containing the bodies of victims of the Malaysia Airlines flight MH 17 crash in Torez, Ukraine
Life and Style
Child's play: letting young people roam outdoors directly contradicts the current climate
lifeHow much independence should children have?
Arts and Entertainment
Tycoons' text: Warren Buffett and Bill Gates both cite John Brookes' 'Business Adventures' as their favourite book
booksFind out why America's richest men are reading John Brookes
Arts and Entertainment
<p>Troubled actor Robert Downey Jr cements his comeback from drug problems by bagging the lead role in Iron Man. Two further films follow</p>
filmRobert Downey Jr named Hollywood's highest paid actor for second year running
Sign here, please: Magna Carta Island
propertyYours for a cool £4m
The Commonwealth flag flies outside Westminster Abbey in central London
Arts and Entertainment
Struggling actors who scrape a living working in repertory theatres should get paid a 'living wage', Sir Ian McKellen has claimed
Skye McCole Bartusiak's mother said she didn't use drink or drugs
peopleActress was known for role in Mel Gibson film The Patriot
Arts and Entertainment
tvWebsite will allow you to watch all 522 shows on-demand
Arts and Entertainment
filmThe Rock to play DC character in superhero film
Arts and Entertainment
Damon Albarn is starting work on a new West End musical
artsStar's 'leftfield experimental opera' is turning mainstream
ebookA unique anthology of reporting and analysis of a crucial period of history
Life and Style
Paul and his father
artsPaul Carter wants to play his own father in the film of his memoirs
Ben Stokes trudges off after his latest batting failure for England as Ishant Sharma celebrates one of his seven wickets
Arts and Entertainment
Members of the public are invited to submit their 'sexcapades' to Russell T Davies' new series Tofu
Sky's Colin Brazier rummages through an MH17 victim's belongings live on air
Arts and Entertainment
Keira Knightley and Benedict Cumberbatch star in the Alan Turing biopic The Imitation Game
arts + ents'The Imitation Game' stars Benedict Cumberbatch and Keira Knightley
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Training Programme Manager (Learning and Development)-London

£28000 - £32000 per annum + benefits: Ashdown Group: Training Programme Manage...

Training/Learning and Development Coordinator -London

£28000 - £32000 per annum: Ashdown Group: Training/Learning and Development Co...

Business Anaylst

£60000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Business Anal...

Project Manager - ETRM/CTRM

£70000 - £90000 per annum + Job Satisfaction: Harrington Starr: Project Manage...

Day In a Page

Some are reformed drug addicts. Some are single mums. All are on benefits. But now these so-called 'scroungers’ are fighting back

The 'scroungers’ fight back

The welfare claimants battling to alter stereotypes
Amazing video shows Nasa 'flame extinguishment experiment' in action

Fireballs in space

Amazing video shows Nasa's 'flame extinguishment experiment' in action
A Bible for billionaires

A Bible for billionaires

Find out why America's richest men are reading John Brookes
Paranoid parenting is on the rise - and our children are suffering because of it

Paranoid parenting is on the rise

And our children are suffering because of it
For sale: Island where the Magna Carta was sealed

Magna Carta Island goes on sale

Yours for a cool £4m
Phone hacking scandal special report: The slide into crime at the 'News of the World'

The hacker's tale: the slide into crime at the 'News of the World'

Glenn Mulcaire was jailed for six months for intercepting phone messages. James Hanning tells his story in a new book. This is an extract
We flinch, but there are degrees of paedophilia

We flinch, but there are degrees of paedophilia

Child abusers are not all the same, yet the idea of treating them differently in relation to the severity of their crimes has somehow become controversial
The truth about conspiracy theories is that some require considering

The truth about conspiracy theories is that some require considering

For instance, did Isis kill the Israeli teenagers to trigger a war, asks Patrick Cockburn
Alistair Carmichael: 'The UK as a whole is greater than the sum of its parts'

Alistair Carmichael: 'The UK as a whole is greater than the sum of its parts'

Meet the man who doesn't want to go down in history as the country's last Scottish Secretary
Legoland Windsor's master model-makers reveal the tricks of their trade (including how to stop the kids wrecking your Eiffel Tower)

Meet the people who play with Lego for a living

They are the master builders: Lego's crack team of model-makers, who have just glued down the last of 650,000 bricks as they recreate Paris in Windsor. Susie Mesure goes behind the scenes
The 20 best days out for the summer holidays: From Spitfires to summer ferry sailings

20 best days out for the summer holidays

From summer ferry sailings in Tyne and Wear and adventure days at Bear Grylls Survival Academy to Spitfires at the Imperial War Museum Duxford and bog-snorkelling at the World Alternative Games...
Open-air theatres: If all the world is a stage, then everyone gets in on the act

All the wood’s a stage

Open-air productions are the cue for better box-office receipts, new audiences, more interesting artistic challenges – and a picnic
Rand Paul is a Republican with an eye on the world

Rupert Cornwell: A Republican with an eye on the world

Rand Paul is laying out his presidential stall by taking on his party's disastrous record on foreign policy
Self-preservation society: Pickles are moving from the side of your plate to become the star dish

Self-preservation society

Pickles are moving from the side of your plate to become the star dish
Generation gap opens a career sinkhole

Britons live ever longer, but still society persists in glorifying youth

We are living longer but considered 'past it' younger, the reshuffle suggests. There may be trouble ahead, says DJ Taylor