Thursday, 2 March: After yesterday’s record breaking highs both in Europe and in the US, markets cooled off today as they struggled to build once again on the momentum. The FTSE 100 hugged its starting position for most of the day, finishing 0.01% lower (again if this had happened on Tuesday the pun potential would’ve been too easy). As the US session began, Snapchat’s stock market debut masked the early slides in stocks, with the S&P 500 down 0.4% and the Dow Jones down 0.2%.
Snapchat eventually got underway at around 16:20 GMT, opening around the $24 p/share mark. Yesterday ‘Snap’ was valued by investors at $24bn, one of the biggest tech listings since Facebook. The IPO raised $3.4bn on Wednesday at $17 p/share, meaning Thursday’s opening price of $24 p/share was a cool 40% jump.
Mike Ashley, owner of Sports Direct has bought lingerie firm Agent Provocateur after the firm was placed into administration. Ashley will likely welcome the change in headline sentiment, after recently trying his hand at a ‘any news is good news’ publicity strategy. It has been reported the deal has set Mr. Ashley back £25m, which is a bargain when you consider he made £30m from selling Sissoko, but that’s beside the point.
Capita’s struggles continued today as it rested at the bottom of London’s main index for practically the whole session. After revealing another drop in profits and confirming they’ll be demoted to the FTSE 250, Capita’s CEO has announced he will step down later this year after a replacement has been found. Shares finished the day over 9% lower.
FTSE 100 Relegation:
FTSE 250 Promotion: