Market update: Estate agent Foxtons soars on IPO debut – 20.09.2013

Source: Henderson Global Investors

US equities fell yesterday with the Dow Jones and the S&P 500 losing 0.3% and 0.2% respectively. Insurers were among the worst performers as the Fed’s efforts to maintain low interest rates are expected to hurt profits. MetLife shares declined 3.2%, Lincoln National fell 3.7% and Prudential Financial lost 1.9%. Elsewhere, shares in retailer Rite Aid soared 23.5% after the company announced an unexpected profit in the second quarter and lifted its outlook for 2014.

European equities have had a mixed open this morning with the FTSE 100 down 0.1% and the FTSE Eurofirst 300 0.1% higher. The stock market debut of estate agent Foxtons has provided the main highlight. After pricing its initial public offering at 230p a share, the stock soared to 280.8p in the first hour of trading. Elsewhere, banks and miners suffered the biggest losses, with five base metals stocks among the top ten biggest fallers.