Crédit Agricole defied its critics with an 8% rise in share price on its first day of trading, even after issuing the stock at the top of the price range used for marketing.

The company sold shares for €16.6 at its €3.4bn ($3.1bn) initial public offering, and then saw them open at €18. The shares sunk back to €17.6, but then steadied around €17.9. Bankers who worked on the deal said they were delighted to see the stock comfortably above issue price.