The first firm to list in London this year made a strong debut, shrugging off the China rout that sent stocks plummeting worldwide.
Data analytics firm Trendit had the misfortune of listing on the London Stock Exchange on the FTSE’s worst opening day this century, but that didn’t stop it soaring over 10 per cent from its initial price of 5.53p to close at 6.12p this afternoon.
The stellar debut is a far cry from the nose-dive most stocks worldwide took today as investors reacted to increased volatility in China.
The FTSE 100 closed 2.4 per cent down, making this its second-worst opening day in history, after 2000’s 3.8 per cent drop. Some £38bn was wiped of UK stocks in today’s trading alone. Dow Jones, similarly, suffered its worst open in 84 years, dropping 2.4 per cent in the first minutes of trading.
Trendit, which opened on the London Stock Exchange with a market cap of £12m, uses phone activity to monitor population movements in real-time.
Private investment firm Capital International owns roughly half and the rest is held by the board and institutional investors.