PayPal up 5% on Nasdaq upon split from eBay

San Francisco

PAYPAL has returned to the public stock markets for the first time in more than a decade in a rousing start.

Shares in the payments giant closed up more than 5 per cent, to US$40.48, giving the company a market value of nearly US$50 billion. The company trades on the Nasdaq stock market under the ticker "PYPL". The move, prompted in part by investor pressure, separates PayPal from eBay. PayPal is now free to pursue its own corporate strategy, unencumbered by potential conflicts with its onetime parent. Its stock value is now more than eBay and several other technology firms.