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Friends closes up on first day

Shares closed in Friends Provident after its first day of trading on Monday at 240p, up 15p from its offer price of 225p and surprising some of the gloomy predictions in the city.

This gives the newly listed life office a market capitalisation of £3.9bn. Following the listing this week, Standard & Poor’s has upgraded its rating of FriendsProv to AA, saying it now has significantly improved capitalization and financial flexibility.

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