History of paypal

In order to transform the way payments were made, PayPal was established in the 1990s. The business's successful expansion resulted in its first IPO in 2001. Its acquisition by eBay shortly after the IPO led to its removal from the stock market. The business increased significantly under eBay. Later, due to its inability to partner with other e-commerce platforms, the expansion slowed. It resulted in the split in 2015 and was subsequently listed in an IPO (Jackson 2004, pp.5-93).

The listing of the company enabled the company to increased opportunities for collaboration. The collaboration allowed the entity to grow the number of customers and transaction volumes. The growth was derived from access to new markets and revenue streams. It translated to double digits growth over the two years. The share price has risen to reflect the right tidings over the period.

The company future is dependent on engaging in successful collaboration, improvement of efficiency, and customer experience. It will be supported by capital raised internally due to its affordability and use of debt to deal with uncertainties as the company is lowly leveraged.

Table of Contents

1 Introduction 4

1.1 A Recent History of the Organisation 4

2 Analysis and Evaluation 5

2.1 Organisations’ Sources of Finance and Capital Structure 5

2.2 Reasons for Flotation 5

2.3 Implications of the Flotation for the Organisation 5

2.4 Performance of the Organisations’ Shares since Flotation 6

4 Conclusions and Recommendations 8

4.1 Prospects for the Organisation 8

4.2 Recommendations for Future Financing 8

References 9

Appendix 10

Stock Prices of PayPal and its Competitors 10

Introduction

The pace of change in technology is high given the groundbreaking solutions to essential services that have been enabled over the years. Few individuals in the campuses formed most technology-oriented companies as start-ups. The capital is mostly from own savings. As the start-ups grow, they need robust systems, which require massive capital investments. At this time, most can get this from private equity (PE). After the first phase, most PE firms look to exit the investment through initial public offerings (IPO). It presents a great opportunity for them to cash back on their investments as well as for the founder to realise returns on the effort made (Szyszka 2014 p.30-39).

This report looks at PayPal’s capital structure, reasons for the second floatation and its implications. It goes further to analyse the performance of the shares after the IPO, prospects of the company as well as how it might raise finance in the future.

A Recent History of the Organisation

In the late 1990’s, Elon Musk was determined to revolutionise the virtual payments platform. It about as Confinity, which was a security software, company focussing on handheld devices decided to merge with X.com in 2000. Musk determination to succeed led to disagreements with founders of Confinity. It resulted in the resignation of Bill Harris, then CEO of X.com. At that point, Musk decided to terminate other internet banking services to concentrate on the PayPal money service. The company was renamed to PayPal in 2001 and grew aggressively leading to its first IPO in 2002 (Jackson 2004, pp.5-93).

Shortly after the IPO, PayPal was acquired by eBay in July 2002. It grew to become the most popular payment method for eBay users and thus became the default payment method. The business flourished as it made strategic acquisitions such as VeriSign and Fraud Sciences to strengthen its service offering. By 2010, it had over 100 million active users globally with transactions being denominated in over 20 currencies (Mercer, 2015).

Due to the financial behemoth it had become, activist Carl Icahn called for its spin-off from eBay in September 2014. The now independent company acquired Xoom Corporation in July 2015 to strengthen its international business. The second growth phase culminated in the second IPO in July 2015 on the NASDAQ stock market (Mercer, 2015).

Analysis and Evaluation

Organisations’ Sources of Finance and Capital Structure

Before the IPO in 2015, PayPal was wholly owned by eBay. It acted as a business segment that dealt with payment services. At the time, eBay was a public listed company whose capital structure was a mixture of debt and equity. eBay capital was composed of approximately 70% equity while debt accounted for the 30%. Eleven percent of the debt was short-term underlining its focus on long-term growth. The equity included ownership by employees through restricted stock and employee stock purchase plans (eBay Inc., 2016).

The spin-off of PayPal, which constituted the payments business from eBay, led to the creation of PayPal Holdings as an independent publicly traded company because of the review of the organisation’s growth strategies and structure. The effect of the listing altered the capital structure of the company to become an all equity finance company by December 2015. The spin-off led to PayPal inheriting a huge cash balance that was meant to sustain its operations (PayPal Holdings, Inc., 2016).

Among PayPal’s offering include working capital provision to small and medium sized merchants. It has been possible due to the huge cash balances that it holds across the world. The organisation entered into a credit agreement in 2015 for an unsecured $ 2 billion facility. As of December 2015 there no outstanding balances on the facility. In 2016, PayPal’s strong cash position and free cash flow from operations have enabled it to operate without debt (PayPal Holdings, Inc., 2016).

Reasons for Flotation

PayPal listing on the NASDAQ was in fulfilment of its separation of business from eBay Inc. (PayPal Holdings, Inc., 2015). The partnership between PayPal and eBay had been strategic making the global business leaders in commerce and payments. After a strategic review by the board showed that the mutual benefits would reduce as each company faced different competitive opportunities and challenges. They resolved that a separation would work best for each business. It was partly contributed by the lagging growth of eBay’s commerce segment.

The split was supported by the ability of business to pursue new markets and partnership opportunities. On PayPal side, it would be easier to form partnerships with other e-commerce business seen as rivals to eBay thus enhancing its growth and popularity. Some of the targeted partnerships was with companies like Google, Apple, Uber, Alibaba, and Airbnb

The separation was seen as a bowing into investor pressure after activist shareholder Icahn had previously campaigned for the separation of the business. Icahn viewed that a separation would be better for investors as PayPal would realise its full potential. He saw eBay limiting PayPal’s growth and hurting its competitiveness with rivals like Google. On the other end, the directors saw it fit as his opinion and constant criticising of eBay would end up affecting the business negatively (O'Regan 2015 p.82).

Implications of the Flotation for the Organisation

The PayPal IPO implied that investors could influence management actions. It is seen in Icahn’s activism where he called for the split of business. By management further agreeing to split the organisations, it showed that they had realised that the partnership was further limiting the growth of PayPal. It has been confirmed by the buoyant results witnessed in 2016 where PayPal customer numbers grew by double digits. The growth was due to the pursuit of new markets and revenue streams. The separation lifted restrictions that PayPal had regarding engaging with other e-commerce platforms like Alibaba, which has dominated China in this era of online shopping. The long-term investors have been able to jump into the stock as the cyclicality of business brought about by the eBay’s e-commerce segment had been separated.

Performance of the Organisations’ Shares since Flotation

The performance of PayPal stock has gradually risen since floatation (Figure 1) (Appendix). The share price appreciated by over 5% on the day of listing reflecting the expected growth and realisation of value from the split. Since the listing in July 2015 to March 2017, the stock has risen by approximately 17%. It managed to get to a high of $44.15 in Oct 2016 having been listed at $38 (NASDAQ, Inc., 2017). It was a confirmation of investors’ sentiments that the share had been previously undervalued. The rise in the shares was further fuelled by the intended partnerships with other e-commerce platforms as well as being able to offer affordable financial services globally.

Business growth has supported the rise in share price. It is reflected in total payment volume in dollar terms that has increased by over 25% each quarter. The increased trading volumes have been enabled by growing user accounts and engagement, which has been on an 11% year on year rise since listing.

Figure 1: PayPal Stock Price Movement

The rise in PayPal stock when compared with its top competitors in online payment platforms has been gradual (Figure 2). Apple stock price has been dipping in 2016 before it recovered in 2017. Google has been on a higher growth trend than Amazon (NASDAQ, Inc., 2017). The difference in stock price rises is attributable to the competitors’ business being in not only online payments services but other diversified business like phones in the case of Apple and web-marketing by Google.

Figure 2: Competitors' Stock Price Movement

Conclusions and Recommendations

Prospects for the Organisation

PayPal’s strategy after the IPO has been on collaborations to support business growth. Embracing the partnerships while focusing on consumer choice will lead to better and improved results for PayPal. As e-commerce has considerably risen over the years and it is expected to continue in the future, PayPal will be able to experience increased transaction volumes.

The focus on key metrics will help it have a simplified operations approach. Active customer accounts and transactions per active account are of great interest to management. By increasing the customer engagement through the introduction of additional convenience features on its applications will help in maintaining the steady growth over the years. It happens as it becomes easier and faster for her clients to send and receive money.

Extending reach through partnerships will continue growing the locations that PayPal can be used. It helps attract more customers and the frequency of use per client account. It then leads to higher adoption and engagement thus increasing returns to investors (Lu and Al-Hakim 2016, pp.35-56).

Recommendations for Future Financing

Massive financial muscle will be required to support PayPal’s ambitious growth plans. By retaining earnings after having paid dividends will offer the company a constant stream of cash flows. It will be cheaper as there are few requirements in raising money this way.

Maintaining the lines of credit will be vital. It will assist the company to deal with market shocks in a quick way while managing the costs of financing. The pre-planned debt will come in handy as customer preferences change due to the partnerships that are being formed. Taking debt requires a constant stream of cash flows to service interest and principal repayments. As the company has growing free cash flows and is at the moment not leveraged, it will be a great source of capital that will not overwhelmingly strain the organisation. Interest expense being tax deductible will help in managing the tax bill of the organisation (Ehrhardt and Brigham 2016, pp. 563-595).

Partnerships will continue to be a significant source of cash for the organisation. Creative solutions attained through collaboration will help drive the business with little or no cash injection at all.

It will be difficult for the organisation to raise capital through a second equity offering like a right issue. The ability of the company to continue paying dividends is crucial as dividends reduced the amount retained. It is due to the company’s listing within the last three years and the slower rise in share price when compared to key business metrics like customer growth and transaction volumes. The huge cash position on its balance sheet and lack of debt would further discourage the organisation to going to equity, which would be the costliest mode of raising financing (Ehrhardt and Brigham 2016, pp. 563-595).

References

eBay Inc., (2016). eBay Inc. - Annual Report 2015. [Online] Investors.ebayinc.com. Available at: https://investors.ebayinc.com/secfiling.cfm?filingID=1065088-15-54&CIK=1065088 [Accessed 24 Mar. 2017].

Ehrhardt, M. and Brigham, E. (2016). Corporate Finance: A Focused Approach. 6th ed. Boston: Cengage Learning, pp.563-595.

Jackson, E. (2004). The PayPal Wars: Battles with EBay, the Media, the Mafia, and the Rest of Planet Earth. 1st ed. Los Angeles: World Ahead Publishing Inc., pp.5-93.

Lu, W. and Al-Hakim, L. (2016). The Interaction between Collaboration, Organisational Capacity and E-Business Diffusion and their Effect on Business Performance. Journal of Electronic Commerce in Organizations, 14(3), pp.35-56.

Mercer, C. (2015). History of PayPal: 1998 to now. [Online] Techworld. Available at: http://www.techworld.com/picture-gallery/e-commerce/history-of-paypal-1998-now-3630386/ [Accessed 27 Mar. 2017].

NASDAQ, Inc., (2017). (PYPL) Historical Prices & Data. [Online] Nasdaq.com. Available at: http://www.nasdaq.com/symbol/pypl/historical [Accessed 27 Mar. 2017].

O'Regan, G. (2015). Pillars of Computing: A Compendium of Select, Pivotal Technology Firms. 1st ed. Cham: Springer International Publishing, p.82.

PayPal Holdings, Inc., (2015). PayPal Celebrates Listing on NASDAQ and Completes Separation from eBay Inc.. [Online] Paypal.com. Available at: https://www.paypal.com/stories/us/paypal-celebrates-listing-on-nasdaq-and-completes-separation-from-ebay-inc [Accessed 24 Mar. 2017].

PayPal Holdings, Inc., (2016). PayPal Holdings - Annual Report 2015. [Online] Investor.paypal-corp.com. Available at: https://investor.paypal-corp.com/secfiling.cfm?filingID=1633917-16-113&CIK=1633917 [Accessed 24 Mar. 2017].

Szyszka, A. (2014). Factors Influencing IPO Decisions. Do Corporate Managers Use Market and Corporate Timing? A Survey. International Journal of Management and Economics, [online] 42(1), pp.30-39. Available at: https://www.degruyter.com/downloadpdf/j/ijme.2014.42.issue-1/ijme-2014-0041/ijme-2014-0041.pdf [Accessed 24 Mar. 2017].

Appendix

Stock Prices of PayPal and its Competitors

Date

PayPal

Google

Apple

24-Mar-17

43.13

814.43

140.64

23-Mar-17

43.14

817.58

140.92

22-Mar-17

43.19

829.59

141.42

21-Mar-17

42.64

830.46

139.84

20-Mar-17

43.16

848.4

141.46

17-Mar-17

43.08

852.12

139.99

16-Mar-17

42.4

848.78

140.69

15-Mar-17

42.39

847.2

140.46

14-Mar-17

42.1

845.62

138.99

13-Mar-17

42.59

845.54

139.2

10-Mar-17

42.99

843.25

139.14

9-Mar-17

42.92

838.68

138.68

8-Mar-17

42.79

835.37

139

7-Mar-17

42.89

831.91

139.52

6-Mar-17

42.87

827.78

139.34

3-Mar-17

43.03

829.08

139.78

2-Mar-17

42.77

830.63

138.96

1-Mar-17

42.43

835.24

139.79

28-Feb-17

42

823.21

136.99

27-Feb-17

42.64

829.28

136.93

24-Feb-17

43.07

828.64

136.66

23-Feb-17

42.53

831.33

136.53

22-Feb-17

42.42

830.76

137.11

21-Feb-17

42.43

831.66

136.7

17-Feb-17

41.96

828.07

135.72

16-Feb-17

42.15

824.16

135.345

15-Feb-17

41.87

818.98

135.51

14-Feb-17

41.62

820.45

135.02

13-Feb-17

41.17

819.24

133.29

10-Feb-17

40.58

813.67

132.12

9-Feb-17

40.83

809.56

132.42

8-Feb-17

40.88

808.38

132.04

7-Feb-17

40.02

806.97

131.53

6-Feb-17

39.74

801.34

130.29

3-Feb-17

39.59

801.49

129.08

2-Feb-17

39.58

798.53

128.53

1-Feb-17

39.31

795.695

128.75

31-Jan-17

39.78

796.79

121.35

30-Jan-17

39.86

802.32

121.63

27-Jan-17

40.27

823.31

121.95

26-Jan-17

41.5

832.15

121.94

25-Jan-17

41.71

835.67

121.88

24-Jan-17

41.96

823.87

119.97

23-Jan-17

41.62

819.31

120.08

20-Jan-17

41.69

805.02

120

19-Jan-17

41.27

802.175

119.78

18-Jan-17

41.35

806.07

119.99

17-Jan-17

41.27

804.61

120

13-Jan-17

41.6

807.88

119.04

12-Jan-17

41.56

806.36

119.25

11-Jan-17

41.28

807.91

119.75

10-Jan-17

41.08

804.79

119.11

9-Jan-17

41.4

806.65

118.99

6-Jan-17

41.45

806.15

117.91

5-Jan-17

41.06

794.02

116.61

4-Jan-17

41

786.9

116.02

3-Jan-17

40.25

786.14

116.15

30-Dec-16

39.47

771.82

115.82

29-Dec-16

39.96

782.79

116.73

28-Dec-16

39.57

785.05

116.76

27-Dec-16

39.72

791.55

117.26

23-Dec-16

39.58

789.91

116.52

22-Dec-16

39.68

791.26

116.29

21-Dec-16

40.09

794.56

117.06

20-Dec-16

39.74

796.42

116.95

19-Dec-16

39.44

794.2

116.64

16-Dec-16

39.32

790.8

115.97

15-Dec-16

39.54

797.85

115.82

14-Dec-16

39.55

797.07

115.19

13-Dec-16

39.43

796.1

115.19

12-Dec-16

39.43

789.27

113.3

9-Dec-16

39.65

789.29

113.95

8-Dec-16

39.61

776.42

112.12

7-Dec-16

39.45

771.19

111.03

6-Dec-16

38.98

759.11

109.95

5-Dec-16

38.99

762.52

109.11

2-Dec-16

38.62

750.5

109.9

1-Dec-16

38.34

747.92

109.49

30-Nov-16

39.28

758.04

110.52

29-Nov-16

39.89

770.84

111.46

28-Nov-16

39.96

768.24

111.57

25-Nov-16

40.26

761.68

111.79

23-Nov-16

40.05

760.99

111.23

22-Nov-16

40.33

768.27

111.8

21-Nov-16

40.63

769.2

111.73

18-Nov-16

40.08

760.54

110.06

17-Nov-16

39.88

771.23

109.95

16-Nov-16

39.07

764.48

109.99

15-Nov-16

38.94

758.49

107.11

14-Nov-16

38.81

736.08

105.71

11-Nov-16

40.08

754.02

108.43

10-Nov-16

40.45

762.56

107.79

9-Nov-16

41.26

785.31

110.88

8-Nov-16

41.58

790.51

111.06

7-Nov-16

41.28

782.52

110.41

4-Nov-16

40.9

762.02

108.84

3-Nov-16

41.19

762.13

109.83

2-Nov-16

41.35

768.7

111.59

1-Nov-16

41.54

783.61

111.49

31-Oct-16

41.66

784.54

113.54

28-Oct-16

41.76

795.37

113.72

27-Oct-16

41.69

795.35

114.48

26-Oct-16

42.33

799.07

115.59

25-Oct-16

43.31

807.67

118.25

24-Oct-16

43.87

813.11

117.65

21-Oct-16

44.15

799.37

116.6

20-Oct-16

40.09

796.97

117.06

19-Oct-16

40.24

801.56

117.12

18-Oct-16

39.83

795.26

117.47

17-Oct-16

39.48

779.96

117.55

14-Oct-16

39.24

778.53

117.63

13-Oct-16

39.2

778.19

116.98

12-Oct-16

39.53

786.14

117.34

11-Oct-16

39.19

783.07

116.3

10-Oct-16

39.86

785.94

116.05

7-Oct-16

39.88

775.08

114.06

6-Oct-16

40.18

776.86

113.89

5-Oct-16

40.44

776.47

113.05

4-Oct-16

40.78

776.43

113

3-Oct-16

40.59

772.56

112.52

30-Sep-16

40.97

777.29

113.05

29-Sep-16

40.39

775.01

112.18

28-Sep-16

40.97

781.56

113.95

27-Sep-16

41.06

783.01

113.09

26-Sep-16

40.34

774.21

112.88

23-Sep-16

40.07

786.9

112.71

22-Sep-16

40.49

787.21

114.62

21-Sep-16

40.29

776.22

113.55

20-Sep-16

39.69

771.41

113.57

19-Sep-16

40.01

765.7

113.58

16-Sep-16

40.7

768.88

114.92

15-Sep-16

40.83

771.76

115.57

14-Sep-16

39.96

762.49

111.77

13-Sep-16

39.86

759.69

107.95

12-Sep-16

38.77

769.02

105.44

9-Sep-16

38.01

759.66

103.13

8-Sep-16

39.27

775.32

105.52

7-Sep-16

38.56

780.35

108.36

6-Sep-16

37.18

780.08

107.7

2-Sep-16

37.07

771.46

107.73

1-Sep-16

36.83

768.78

106.73

31-Aug-16

37.15

767.05

106.1

30-Aug-16

37

769.09

106

29-Aug-16

37.29

772.15

106.82

26-Aug-16

37.65

769.54

106.94

25-Aug-16

37.51

769.41

107.57

24-Aug-16

37.52

769.64

108.03

23-Aug-16

37.86

772.08

108.85

22-Aug-16

38.11

772.15

108.51

19-Aug-16

38.09

775.42

109.36

18-Aug-16

38.22

777.5

109.08

17-Aug-16

38.14

779.91

109.22

16-Aug-16

38.38

777.14

109.38

15-Aug-16

38.46

782.44

109.48

12-Aug-16

38.51

783.22

108.18

11-Aug-16

38.46

784.85

107.93

10-Aug-16

38.07

784.68

108

9-Aug-16

38.1

784.26

108.81

8-Aug-16

37.91

781.76

108.37

5-Aug-16

38.1

782.22

107.48

4-Aug-16

37.3

771.61

105.87

3-Aug-16

36.58

773.18

105.79

2-Aug-16

36.54

771.07

104.48

1-Aug-16

37.06

772.88

106.05

29-Jul-16

37.24

768.79

104.21

28-Jul-16

37.22

745.91

104.34

27-Jul-16

37.22

741.77

102.95

26-Jul-16

37.69

738.42

96.67

25-Jul-16

37.78

739.77

97.34

22-Jul-16

37.42

742.74

98.66

21-Jul-16

40.13

738.63

99.43

20-Jul-16

40.05

741.19

99.96

19-Jul-16

39.37

736.96

99.87

18-Jul-16

38.92

733.78

99.83

15-Jul-16

39.09

719.85

98.78

14-Jul-16

39.96

720.95

98.79

13-Jul-16

39.28

716.98

96.87

12-Jul-16

38.79

720.64

97.42

11-Jul-16

38.15

715.09

96.98

8-Jul-16

37.36

705.63

96.68

7-Jul-16

36.32

695.36

95.94

6-Jul-16

35.93

697.77

95.53

5-Jul-16

36.12

694.49

94.99

1-Jul-16

36.35

699.21

95.89

30-Jun-16

36.51

692.1

95.6

29-Jun-16

35.77

684.11

94.4

28-Jun-16

35.24

680.04

93.59

27-Jun-16

34.2

668.26

92.04

24-Jun-16

35.08

675.22

93.4

23-Jun-16

36.66

701.87

96.1

22-Jun-16

36

697.46

95.55

21-Jun-16

36.16

695.94

95.91

20-Jun-16

36.86

693.71

95.1

17-Jun-16

36.97

691.72

95.33

16-Jun-16

36.97

710.36

97.55

15-Jun-16

36.84

718.92

97.14

14-Jun-16

37.16

718.27

97.46

13-Jun-16

36.54

718.36

97.34

10-Jun-16

36.77

719.41

98.83

9-Jun-16

37.13

728.58

99.65

8-Jun-16

37.55

728.28

98.94

7-Jun-16

37.57

716.65

99.03

6-Jun-16

38.1

716.55

98.63

3-Jun-16

38.33

722.34

97.92

2-Jun-16

38.56

730.4

97.72

1-Jun-16

38.31

734.15

98.46

31-May-16

37.79

735.72

99.86

27-May-16

38.09

732.66

100.35

26-May-16

38.07

724.12

100.41

25-May-16

38.76

725.27

99.62

24-May-16

38.92

720.09

97.9

23-May-16

38.07

704.24

96.43

20-May-16

37.53

709.74

95.22

19-May-16

37.65

700.32

94.2

18-May-16

38.98

706.63

94.56

17-May-16

39.065

706.23

93.49

16-May-16

39.3

716.49

93.88

13-May-16

39.48

710.83

90.52

12-May-16

39.51

713.31

90.34

11-May-16

39.71

715.29

92.51

10-May-16

40.11

723.18

93.42

9-May-16

39.62

712.9

92.79

6-May-16

39.48

711.12

92.72

5-May-16

38.95

701.43

93.24

4-May-16

38.31

695.7

94.19

3-May-16

38.36

692.36

95.18

2-May-16

39.02

698.21

93.64

29-Apr-16

39.18

693.01

93.74

28-Apr-16

40.07

691.02

94.83

27-Apr-16

40.01

705.84

97.82

26-Apr-16

39.73

708.14

104.35

25-Apr-16

39.82

723.15

105.08

22-Apr-16

40.31

718.77

105.68

21-Apr-16

40.1

759.14

105.97

20-Apr-16

40.08

752.67

107.13

19-Apr-16

39.24

753.93

106.91

18-Apr-16

39.64

766.61

107.48

15-Apr-16

38.58

759

109.85

14-Apr-16

38.64

753.2

112.1

13-Apr-16

38.79

751.72

112.04

12-Apr-16

37.8

743.09

110.44

11-Apr-16

38.06

736.1

109.02

8-Apr-16

38.41

739.15

108.66

7-Apr-16

38.28

740.28

108.54

6-Apr-16

39.16

745.69

110.96

5-Apr-16

38.55

737.8

109.81

4-Apr-16

38.79

745.29

111.12

1-Apr-16

39.4

749.91

109.99

31-Mar-16

38.6

744.95

108.99

30-Mar-16

39.04

750.53

109.56

29-Mar-16

39.53

744.77

107.68

28-Mar-16

38.74

733.53

105.19

24-Mar-16

38.92

735.3

105.67

23-Mar-16

40.52

738.06

106.13

22-Mar-16

41.32

740.75

106.72

21-Mar-16

41.14

742.09

105.91

18-Mar-16

39.41

737.6

105.92

17-Mar-16

39.93

737.78

105.8

16-Mar-16

39.84

736.09

105.97

15-Mar-16

39.27

728.33

104.58

14-Mar-16

39.38

730.49

102.52

11-Mar-16

39.49

726.82

102.26

10-Mar-16

38.49

712.82

101.17

9-Mar-16

38.57

705.24

101.12

8-Mar-16

38.16

693.97

101.03

7-Mar-16

38.98

695.16

101.87

4-Mar-16

39.04

710.89

103.01

3-Mar-16

39.02

712.42

101.5

2-Mar-16

39.16

718.85

100.75

1-Mar-16

39.25

718.81

100.53

29-Feb-16

38.14

697.77

96.69

26-Feb-16

37.49

705.07

96.91

25-Feb-16

36.74

705.75

96.76

24-Feb-16

36.47

699.56

96.1

23-Feb-16

35.48

695.85

94.69

22-Feb-16

36

706.46

96.88

19-Feb-16

35.76

700.91

96.04

18-Feb-16

36.31

697.35

96.26

17-Feb-16

36.36

708.4

98.12

16-Feb-16

35.46

691

96.64

12-Feb-16

34.3

682.4

93.99

11-Feb-16

33.52

683.11

93.7

10-Feb-16

32.9

684.12

94.27

9-Feb-16

32.7

678.11

94.99

8-Feb-16

33.61

682.74

95.01

5-Feb-16

35.07

683.57

94.02

4-Feb-16

37.17

708.01

96.6

3-Feb-16

37.01

726.95

96.35

2-Feb-16

36.83

764.65

94.48

1-Feb-16

37.08

752

96.43

29-Jan-16

36.14

742.95

97.34

28-Jan-16

34.24

730.96

94.09

27-Jan-16

31.59

699.99

93.42

26-Jan-16

31.97

713.04

99.99

25-Jan-16

31.47

711.67

99.44

22-Jan-16

31.69

725.25

101.42

21-Jan-16

31.2

706.59

96.3

20-Jan-16

31.2

698.45

96.79

19-Jan-16

32.2

701.79

96.66

15-Jan-16

32.31

694.45

97.13

14-Jan-16

32.87

714.72

99.52

13-Jan-16

32.12

700.56

97.39

12-Jan-16

33.08

726.07

99.96

11-Jan-16

33.04

716.03

98.53

8-Jan-16

32.69

714.47

96.96

7-Jan-16

33.13

726.39

96.45

6-Jan-16

33.98

743.62

100.7

5-Jan-16

34.31

742.58

102.71

4-Jan-16

34.75

741.84

105.35

31-Dec-15

36.2

758.88

105.26

30-Dec-15

36.48

771

107.32

29-Dec-15

37.08

776.6

108.74

28-Dec-15

36.61

762.51

106.82

24-Dec-15

37.07

748.4

108.03

23-Dec-15

37.11

750.31

108.61

22-Dec-15

36.805

750

107.23

21-Dec-15

36.08

747.77

107.33

18-Dec-15

34.98

739.31

106.03

17-Dec-15

35.54

749.43

108.98

16-Dec-15

35.98

758.09

111.34

15-Dec-15

36.32

743.4

110.49

14-Dec-15

35.01

747.77

112.48

11-Dec-15

34.69

738.87

113.18

10-Dec-15

35.49

749.46

116.17

9-Dec-15

35.07

751.61

115.62

8-Dec-15

35.6

762.37

118.23

7-Dec-15

35.16

763.25

118.28

4-Dec-15

35.62

766.81

119.03

3-Dec-15

34.23

752.54

115.2

2-Dec-15

35.15

762.38

116.28

1-Dec-15

35.17

767.04

117.34

30-Nov-15

35.26

742.6

118.3

27-Nov-15

35.18

750.26

117.81

25-Nov-15

35.36

748.15

118.03

24-Nov-15

35.12

748.28

118.88

23-Nov-15

35.56

755.98

117.75

20-Nov-15

36.36

756.6

119.3

19-Nov-15

36.19

738.41

118.78

18-Nov-15

36.22

740

117.29

17-Nov-15

36.21

725.3

113.69

16-Nov-15

35.61

728.96

114.175

13-Nov-15

34.53

717

112.34

12-Nov-15

35.57

731.23

115.72

11-Nov-15

36.33

735.4

116.11

10-Nov-15

37

728.32

116.77

9-Nov-15

36.6

724.89

120.57

6-Nov-15

36.24

733.76

121.06

5-Nov-15

36.71

731.25

120.92

4-Nov-15

37.6

728.11

122

3-Nov-15

37.9

722.16

122.57

2-Nov-15

36.99

721.11

121.18

30-Oct-15

36.01

710.81

119.5

29-Oct-15

35.91

716.92

120.53

28-Oct-15

36.52

712.95

119.27

27-Oct-15

35.94

708.49

114.55

26-Oct-15

36.44

712.78

115.28

23-Oct-15

34.99

702

119.08

22-Oct-15

34.79

651.79

115.5

21-Oct-15

33.83

642.61

113.76

20-Oct-15

34.87

650.28

113.77

19-Oct-15

34.84

666.1

111.73

16-Oct-15

34.29

662.2

111.04

15-Oct-15

34.62

661.74

111.86

14-Oct-15

34.05

651.16

110.21

13-Oct-15

33.22

652.3

111.79

12-Oct-15

32.63

646.67

111.6

9-Oct-15

32.06

643.61

112.12

8-Oct-15

31.67

639.16

109.5

7-Oct-15

32.38

642.36

110.78

6-Oct-15

31.86

645.44

111.31

5-Oct-15

32.67

641.47

110.78

2-Oct-15

32.83

626.91

110.38

1-Oct-15

31.48

611.29

109.58

30-Sep-15

31.04

608.42

110.3

29-Sep-15

30.63

594.97

109.06

28-Sep-15

32.25

594.89

112.44

25-Sep-15

33.77

611.97

114.71

24-Sep-15

33.91

625.8

115

23-Sep-15

34.16

622.36

114.32

22-Sep-15

33.35

622.69

113.4

21-Sep-15

34.25

635.44

115.21

18-Sep-15

32.92

629.25

113.45

17-Sep-15

33.32

642.9

113.92

16-Sep-15

33.77

635.98

116.41

15-Sep-15

33.8

635.14

116.28

14-Sep-15

33.77

623.24

115.31

11-Sep-15

33.55

625.77

114.21

10-Sep-15

33.46

621.35

112.57

9-Sep-15

34.37

612.72

110.15

8-Sep-15

34.7

614.66

112.31

4-Sep-15

34.29

600.7

109.27

3-Sep-15

35.31

606.25

110.37

2-Sep-15

35.07

614.34

112.34

1-Sep-15

33.77

597.79

107.72

31-Aug-15

35

618.25

112.76

28-Aug-15

35.04

630.38

113.29

27-Aug-15

34.62

637.61

112.92

26-Aug-15

33.17

628.62

109.69

25-Aug-15

32.7

582.06

103.74

24-Aug-15

33.75

589.61

103.12

21-Aug-15

34.25

612.48

105.76

20-Aug-15

35.98

646.83

112.65

19-Aug-15

37.19

660.9

115.01

18-Aug-15

37.99

656.13

116.5

17-Aug-15

38.73

660.87

117.16

14-Aug-15

38.14

657.12

115.96

13-Aug-15

37.62

656.45

115.15

12-Aug-15

38.19

659.56

115.24

11-Aug-15

38.85

660.78

113.49

10-Aug-15

39.05

633.73

119.72

7-Aug-15

39.13

635.3

115.52

6-Aug-15

38.85

642.68

115.13

5-Aug-15

39.27

643.78

115.4

4-Aug-15

38.95

629.25

114.64

3-Aug-15

39.39

631.21

118.44

31-Jul-15

38.7

625.61

121.3

30-Jul-15

38.45

632.59

122.37

29-Jul-15

37.95

631.93

122.99

28-Jul-15

37.6

628

123.38

27-Jul-15

36.39

627.26

122.77

24-Jul-15

37

623.56

124.5

23-Jul-15

37.01

644.28

125.16

22-Jul-15

38.39

662.1

125.22

21-Jul-15

39.35

662.3

130.75

20-Jul-15

40.47

663.02

132.07

17-Jul-15

38.39

672.93

129.62

16-Jul-15

38.63

579.85

128.51

15-Jul-15

37.51

560.22

126.82

14-Jul-15

36.93

561.1

125.61

13-Jul-15

36.78

546.55

125.66

10-Jul-15

34.69

530.13

123.28

9-Jul-15

34.5

520.68

120.07

8-Jul-15

34.7

516.83

122.57

7-Jul-15

36.62

525.02

125.69

6-Jul-15

36.71

522.86

126