FTSE 100 Live November 25: Covid-19 lockdown restrictions in Europe, market reaction to Covid-19, oil prices, Wall Street shutdown, Mitchells & Butlers results

Rémy Cointreau brings joy to the market

African Vivo Energy, which joined the London stock market with great fanfare in 2018, headed out today after backing a £ 1.7bn takeover.

The FTSE 250-listed company, which sells Shell-branded fuels and lubricants at more than 2,400 service stations, was initially valued at £ 2 billion following a company’s largest IPO African woman in the UK for a decade.

The 2018 listing made Vivo the first debutant of the London Stock Exchange’s Companies to Inspire Africa report, highlighting the City’s potential as a funding partner for African issuers.

Today, it emerged that Vivo’s stock market stint was already coming to an end after energy trader Vitol secured board backing for a takeover with a 25% premium.

Vitol, which is the company’s first shareholder that created Vivo with Shell and private equity partner Helios in 2011, made its first buyout approach in February.

AJ Bell Chief Investment Officer Russ Mold said: “The story of Vivo, which manages the distribution and marketing of Shell and Engen petroleum products across Africa, has simply never really gained traction. ground.

Vivo’s shares rose 21.4p to 132.8p in one session when the FTSE 250 index climbed 68.32 points to 23,235.04.

The FTSE 100 index rose 12.77 points to 7,298.79 as European markets advanced despite continued concerns about the economic impact of new Covid-19 lockdown restrictions.

Traders toast Remy Cointreau after raising his financial forecast on the basis of strong cognac sales in China and the United States, pushing his shares up 10% in Paris.

The better-than-expected update triggered the purchase of shares in London-listed Diageo, with the maker of Guinness and Smirnoff trading 25p higher at 3,900p.

In a session where volumes were low due to the Thanksgiving holiday in the United States, there were gains of more than 1% for the backer of Tesla and Alibaba, Scottish Mortgage Investment Trust and the firm of Darktrace cybersecurity.

Vodafone was the biggest loser in the elite, losing 4% as its shares began trading without the right to the interim dividend announced two weeks ago.

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