Updates from Twitter and SVG Capital

The FTSE 100 pushed higher yesterday, up +0.58% to 6,731, a 38-point climb. Pharma heavyweight Shire Plc saw the biggest gain, up +9.31% to 2760p as it upgraded its earnings outlook for the next two years. Aberdeen Asset Management jumped +5.83% to 450.40p.

The Dow Jones also lifted sharply, up +0.62% to 15,509, a 96-point climb.

We commence with news that Twitter hopes to raise up to $1.4bn, or £865m, in its upcoming IPO. Shares are likely to be priced between $17 and $20, valuing the business by as much as $11bn in total. It was estimated originally that a valuation could reach $15bn.

The IPO is clearly attempting to avoid the volatility that Facebook endured following its stock market debut in May 2012 when the social network site saw its shares slip well beyond their original offer price.

Twitter has almost 220m monthly users though the company has yet to make a profit. Despite revenues of more than $254m in the first six months of 2013, it still made a substantial loss.

Next, an interim from SGV Capital for the period 1 July to 30 September. There's an increase in NAV per share of 3.5% to 497.2p per share with YTD NAV growth of 27.1% - that compares to +14.6% for the FTSE All-Share, the company points out.

There was distributions of £38.7m in the quarter. Adjusting for cash-flows since the period end, SVG Capital has net cash of £52.9m, or 4.4% of shareholders' funds it claims.

"We have a strong pipeline," the company says, "of potential investment opportunities and continue to return capital to shareholders through our share buy-back programme. As investments from our existing portfolio are realised we expect significant cash-flows to the Company and will allocate this capital in a disciplined fashion."

We end with an interim from chemicals company Elementis for the three months up to 30 September. Specialty Products sales improved +15%, or +8% excluding acquisitions and currency. In coatings, sales in North America were higher by +12%, mainly due to the acquisition of Hi-Mar earlier in the year.

Latin American sales increased +68%, driven by the acquisition of Watercryl in September 2012, and good progress is being made in expanding Watercryl sales outside of Brazil, claims Elementis.

"In Europe, underlying economic conditions continue to be subdued as headline sales improved by +3%, with currency contributing +4%." Canaccord Genuity recently restated their Buy rating on the company."