Norwich Union, which still has well over 100,000 Irish shareholders after its flotation two months ago, will have its shares listed on the Irish stock market from today.

The Dublin listing means Irish shareholders who want to sell their shares will now be able to do so without any concerns about the pound/sterling exchange rate, although the exchange rate has acted in Irish shareholders' favour since the flotation as sterling strengthened against the pound. Since its flotation in mid-June, Norwich Union shares have risen to a high of 350p sterling following the flotation at 290p sterling. Most of the original shareholders, including the original 150,000 in Ireland, got their shares through a free allocation or through the discount offer of 265p sterling. From that early peak, the shares traded down to a range between 310p and 330p sterling, but have shown signs of a resurgence in the past few days - partly in anticipation of the inclusion of Norwich Union shares in the FTSE 100 index from next month. Yesterday, the shares closed in London at 334p sterling, a rise of 13 1/2p on the day.

Brokers in Dublin have expressed some surprise at the comparatively low number of shareholders who have sold out. It is thought that at least 120,000 of the 150,000 who received free or discount shares have retained their shares, despite the temptation to take a profit.