MTU Aero Engines Shares Rise

Shares in MTU Aero Engines, Germany's leading maker of engines for both civilian and military aircraft, moved higher on their first day of trading on the Frankfurt stock exchange on Monday. MTU shares rose to 21.89 euros (26.92 dollars) at the start of trading, up from the issue price of 21 euros. In the second-biggest stock market flotation in Germany this year, MTU issued a total 35.65 million shares in all, raising just under 750 million euros in fresh financing. In the run-up to the initial public offering (IPO), investor interest had been strong, with investors applying for seven times more shares than were actually on offer.