THE DAILY BRIEFING

BANK STOCK

The Government has reduced its stake in Lloyds to under 9pc as it seeks to put the bank back into private hands.

Ministers have disposed of around 635m shares worth £357m since October last year.

The Government, which took a 43pc stake in the bank in a £20.5bn bailout during the financial crisis, has now recovered nearly £17bn by selling shares.

CIDER CHEER

Magners maker C&C is on the acquisition trail after the falling value of sterling boosted its financial firepower.

The Irish drinks maker, whose brands also include Bulmers and Tennent’s, posted an 8pc fall in operating profit to £49m for the six months to August, due to higher marketing costs.

MEDIA LISTING

Snapchat wants to raise as much as £3.3bn in a stock market listing, which could value the social media giant at up to £28bn.

The photo-sharing app is thought to be aiming for a float in New York in the first quarter of next year. It would be the biggest social media listing since Twitter in 2013.

CHIEF LEAVES

BHP Billiton has revealed its chief commercial officer, who led the miner’s response to the Samarco dam disaster, will leave the company after four decades.

Dean Dalla Valle has been based in Brazil since the Fundao dam collapse last November, which led to the death of 19 people. Shares fell 1pc, or 12.5p to 1227.5p.

BUMP START

The fall in the value of the pound has helped car dealership Inchcape deliver a bumper update.

The firm, which sells vehicles in Europe and Asia as well as the UK, posted a 15pc increase in third-quarter revenue to £2bn. The shares were unchanged at 643.5p.

REVENUE RISE

RELX, the information and research firm that used to be called Reed Elsevier, posted a 4pc rise in revenues during the first nine months of the year.

The FTSE 100 firm said it had bought 15 data and exhibition firms during the period costing £330m. Shares rose 2.3pc, or 33p to 1462p.

PROFITS SOAR

Biomass and aviation giant Stobart Group has struck a deal with Cityjet that will see the regional airline operate a base at the Stobart-owned London Southend airport. Stobart half-year profit rose to £10.8m from £600,000. Shares rose 1pc, or 1.5p to 155.75p.

ASSETS MOVE

Retail investors pulled £1bn out of asset manager Henderson Group in the three months to September 30. Institutions pumped in £400m, meaning it suffered overall outflows of £600m. Shares fell 2.9pc, or 6.9p to 231.5p.