share dealig account

[Ali77]

Hi everyone

I usually use spreadbet account to trade. I decided to buy Lloyds shares for long term on my Ig share dealing account. it quoted £990 for 2000 Lloyds share.  Loyds share is currenty £48.  Don't I need £96000 (48x2000=£96000) to cover the cost if the share price drops dramatically? I don't understand how £990 would cover it all? thanks in advance for your help

[Caseynotes]

18 minutes ago, Ali77 said:

Hi everyone

I usually use spreadbet account to trade. I decided to buy Lloyds shares for long term on my Ig share dealing account. it quoted £990 for 2000 Lloyds share.  Loyds share is currenty £48.  Don't I need £96000 (48x2000=£96000) to cover the cost if the share price drops dramatically? I don't understand how £990 would cover it all? thanks in advance for your help

is it that UK stocks are listed in pence not pounds (US stocks are listed in $)

[Ali77]

thank you. so is this mean 1 Lloyds share price is £0.48? or just Ig lists them in pence? I am very sorry if this is silly question!! I am very new to this long term investing!!

[Caseynotes]

15 minutes ago, Ali77 said:

thank you. so is this mean 1 Lloyds share price is £0.48? or just Ig lists them in pence? I am very sorry if this is silly question!! I am very new to this long term investing!!

Hi, yes the LSE lists UK shares in pence rather than pounds so brokers follow suit. Not a silly question as it's not usually clear on listings even on the exchange web site.

[Ali77]

All makes sense now, thank you so much for your help. have a nice day.