unit 8 Bài giảng Anh văn chuyên ngành Tài chính Thư Viện Tài Liệu Tổng Hợp Com UNIT 8

8 Stocks and shares
AIMS:

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To learn about: stocks and shares; key vocabulary of the stock market

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To learn how to: talk about market price changes

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To practise: describing changes in share prices

Lead in
o Have you ever speculated in anything? What happened?
o Do you agree with Mark Twain that it's always dangerous to speculate in stocks and
shares?
o There were two big stock market crashes in the twentieth century. 00 you know when?
o Do you know why and how companies issue shares?
o Do you possess any shares? Why did you buy them? How did you buy them?

Vocabulary 1
You are going to read about share prices. Before you read, check your understanding of the
words and phrases in the box by matching them with their definitions (1-10).
bankruptcy

bubble

collateral

institutional investors

raise capital

bears

bulls

day traders

issue

shares

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1. a name for investors who buy shares because they expect their price to rise
2. a name for shareholders who sell because they expect the price to fall
3. a period of rapidly rising share prices, followed by a quick collapse
4. assets a borrower uses to secure or guarantee a loan
5. certificates representing part-ownership of a company
6. financial organizations that own a lot of shares
7. people who buy and re-sell shares in a very short time, often just a few hours
8. to get money from investors with which to run a business
9. to offer securities for sale, to financial institutions and the public
10. when you have no money to pay your debts, so you have to sell your assets

Reading 1: Why stock markets matter
1. Can you think of any ways that changes in share prices could affect people who don't own
any shares themselves?
2. Now read the text and compare it with the answers you gave to Question 1.

NEWS
Why stock markets matter for you

Stefan 4rmbruster, BBC News online

The saying goes: 'Don't invest what you can't afford to lose'.
But as stock markets fall. it is not just people who own shares who lose out. When the bears
replace the bulls – in other words, when the market falls - it affects almost everyone because
stocks and shares have become an integral part of almost all our financial lives.
There are a variety of ways in which stock market movements impact on our lives. The upbeat
side of the growth in share ownership is that when the stock market goes up, consumers with
shares feel richer, they borrow more and they spend more. But just as the stock market can go up,
it can also go down. Usually the first to react to this are the institutional investors who are involved
in the financial markets on a daily basis.
The internet boom is an example. Many personal investors felt they were burnt by the popping
of the dot.com bubble. By the time they got around to selling shares in any number of failing
internet based companies, the big City investors had already pulled out of the market. The
institutional investors did not escape unharmed either. And the hits that they took also have an
indirect, but potentially serious, effect on many people's financial health. Any pain suffered by

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these institutional investors impacts on the returns paid on pensions, savings accounts or the
interest charged on mortgages.
For individuals with a more direct interest - say day traders attracted by the tech boom - share
holdings can be used as collateral to borrow money. But if the value and income from shares
evaporate and the bank calls in the loan, the result can be big losses or personal bankruptcy.
Meanwhile pensions linked to the stock market, like the ones being promoted by the UK
government, are not immune. Unlike the state pension which is paid out at a rate set by the
government, investing in a private pension indexed to the stock market can increase the value of
the contributions dramatically, but they can also be erased.
Your job can also depend on the markets as companies use their valuation and the issue of new
shares to raise capital to expand. If they are unable to do this then they have to find ways of
increasing the company's value to attract investors. The key tool they use is to cut jobs.
3. According to the text, are the following statements true or false?
1. Nearly everybody suffers the consequences when share prices go down.
2. Institutional investors are usually slower to sell when the market falls than personal
investors.
3. The value of pensions paid by the government can go up and down with the stock market.
4. Companies can acquire new capital for expansion by issuing new shares.
5. Companies sometimes make people redundant in order to increase the company's value
(and its share price).

Vocabulary 2
1. The phrases in the box have different meanings according to the situation they are used in.
What meaning do they have in the text?
a. to lose money

b. not to lose money

to be burnt

to suffer pain

to escape unharmed

to take a hit

2. Find phrases in the text that mean the following:
1. to sell all your stocks
2. to demand that a loan is repaid
3. to encourage people or companies to buy shares
4. to fire people
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Language focus
Understanding market reports
1. In Unit 7, you looked at some words and phrases for describing trends and graphs, such as
increase, decrease and level off. In order to make financial reports more varied and
interesting. financial journalists use a wide range of words and phrases to describe
different movements in the markets. The language they use is often more dramatic and
colourful in order to attract your attention. Can you think of any examples of this kind of
language which you have seen or heard recently?
2. Look at the following headlines and decide what type of movement they are describing.
Then put the words and phrases in the table below. You will add more later.

To go up

To go down

To stay the same

3. Read the following financial market report from the radio news. Have the following prices
gone up ↑, gone down ↓, or stayed the same → ← ? The first one has been done as an
example.
In Tokyo today, the Nikkei 225 was firmer at eight thousand five hundred and sixty-nine point
three three. Stocks around Europe also advanced this morning, following Friday's late surge on
Wall Street, when the Dow-Jones gained eighty points. In Paris, the CAC-40 is up twenty points,
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although France Telecom plunged three euros fifty to thirteen fifty-five after the company issued a
profit warning, and Thomson dropped one per cent to eighteen point thirty-four. The DAX in
Frankfurt is also up, by thirty-six points, although Lufthansa tumbled four per cent to seven point
fifteen. In London, the Footsie 100 has climbed to four thousand two hundred and twenty point
one. British Energy jumped to five pounds twelve after they published their six monthly results.
Notable losers in London, however, include Vodafone, which slumped to one pound sixteen.
On the commodity markets, copper, which seemed to be going through the roof last week, is
steady at seventy-nine point seven cents a pound. Gold has slipped to three hundred and sixty-two
dollars an ounce, while silver is almost unchanged at four point forty-four.
1. Stocks in Japan ↑
2. Stocks in France
3. France Telecom
4. Thomson
5. Stocks in Germany
6. Lufthansa

7. Stocks in Britain
8. British Energy
9. Vodafone
10. Copper
11. Gold
12. Silver

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New words:
− bubble (n)
− bull

: bong bóng, điều hão huyền
(v) nâng giá

(n) nhà đầu cơ cổ phần

− bear (n)

: việc đầu cơ hạ giá chứng khoán

− day trader (n)

: người giao dịch chứng khoán trong ngày

− collapse (v/n) = slump (v/n)

: sụp đổ , tan vỡ

− secure (v) = guarantee (v)

: đảm bảo

− certificate (n)

: chứng nhận, chứng chỉ

− represent (v)

: thể hiện, đại diện

− plunge

: (giá cả ) xuống nhanh, đầu tư mù quáng

− crash (v)

: phá sản

− speculate (v)

: đầu cơ

− integral (adj)

: hợp nhất

− impact (v)

: ảnh hưởng, tác động

− upbeat (adj)

: lạc quan

− boom (n)

: sự bùng nổ

− pop (v)

: nổ ra

− pull out of

: rút ra, rời

− unharmed (adj)

: không bị tổn hại

− potentially (adv)

: tiềm năng

− suffer (v)

: chịu đựng

− evaporate (v)

: bị mất đi, không tồn tại

− to call in

: ra lệnh hoặc đòi phải trả lại

− meanwhile

: đồng thời

− immune (from)

: miễn

− indexed

: có quan hệ đến chỉ số

− contribution (n)

: việc đóng góp

− dramatically (adv)

: đáng kể

− expand (v)

: mở rộng

− consequence (n)

: hậu quả

− acquire (v)

: có được

− redundant (adj)

: dư thừa

− tumble (v/n)

: tụt nhanh (về giá cả và số lượng)

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− pressure (n)

: sức ép

− rupee

: đồng rupi(đơn vị tiền tệ tại 1 số nước Nam Á)
(Ấn Độ, Pakistan, Nepal, Srilanka)

− take a beating

: khó có thể vượt qua

− roof (n)

: mái nhà

− blame (v)

: chịu trách nhiệm

− rally (v)

: hồi phục, khôi phục

− advance (v)

: tiến lên

− firm (adj)

: chắc chắn

− surge (v)

: tràn, dâng

− warning (n)

: lời cảnh báo

− notable (adj)

: đáng kể, đáng chú ý

− commodity market

: thị trường hàng hóa

− slip (v)

: trượt

− steady (adj)

: đều đặn

− silver (n)

: bạc

− copper (n)

: đồng

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