Shares in Merlin prove to be magic
Merlin Entertainments brought a sparkle to the stock market as its shares surged more than 9 per cent, valuing the group at £3.5bn in its IPO. The company behind the London Eye and Legoland raised £957m on its debut, in which its chief executive sold a stake of £10m.
US bounces back from shutdown
The US economy shrugged off last month’s government shutdown and surprised analysts by creating 204,000 additional jobs in October, yesterday’s official figures showed. The non-farm payrolls figure was more than double the 100,000 expected and strong hiring figures lifted the value of the dollar.
S&P downgrades France’s credit
Standard & Poor’s ratings agency yesterday downgraded France’s sovereign credit again, from AA+ to AA, citing the tax and spending policies of President François Hollande. S&P, which stripped France of AAA status in 2011, said that it was worried about French growth prospects.
City unimpressed by Rentokil
Andy Ransom, the new chief executive of Rentokil Initial, has had to contend with City analysts rating his first trading update at the pest control company a “disappointment” on Thursday, after quarterly profits missed forecasts, rising by 6.1 per cent to £43.6m.