Sky rises on subscriptions; Ferrari roars on NYSE

Sky FortitudeWed: Pay television company Sky reported a 10% rise in first-quarter operating profit as it gained customers for its broadband service. It said it added 134,000 subscribers in the quarter.

Operating profit of £375m was slightly ahead of a forecast.

Shares in Italian sports car company Ferrari have gained 15% on the company’s first day of trading in New York.

A sale of 10% of the shares in Ferrari for $52 each raised $893.1m (£578m) for its owner Fiat Chrysler, which now owns an 80% stake in the company. As trading began. Ferrari’s shares rose to $60, valuing the company at more than $10bn.

The Ferrari family owns 10% of the firm, which was founded by Enzo Ferrari.

Shares in Pearson plummeted by as much as 18% after the educational publications company said earnings would be worse than expected as fewer students signed on for college in the US.

Pearson, which sold the Financial Times and its stake in The Economist, reported a 4% drop in third quarter underlying sales and said earnings per share would be revised from 75p to 80p to the lower end of a new 70p to 75p range.

In economic news headline public borrowing declined from an upwardly revised £11.6 billion to £9.4bn in September, compared with analysts’ expectations for a £10.1bn reading, according to the Office for National Statistics.

Public borrowing was driven by record revenues for the month from income, VAT and corporation tax.

The FTSE 100 closed barely changed at 6,348.

Photo: Sky Fortitude

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