London market's richest man halts £800m flotation
The richest man in the London market pulled the £800m (€1.2bn) flotation of his online trading firm today amid continued turmoil on the stock market.
Peter Cruddas indefinitely postponed the public listing of CMC Markets after more than a week of woe for global stock markets which has seen around £150bn (€219bn) wiped off the value of the UK's blue-chip companies.
Mr Cruddas said there had been “a very positive reception” to its planned flotation but recent stock market volatility meant that now was not the right time to float.
The London markets have taken a battering in recent days, with the FTSE 100 Index falling more than 550 points in less than two weeks and the FTSE 250 Index suffering its biggest fall since the terrorist attacks on the United States in September 2001.
The FTSE 100 Index moved 34 points higher to 5621.1 in early trading today while the FTSE 250 Index was up 56 points to 9110.
