Deliveroo shares edged higher at the start of unrestricted trading as investors shrugged off the stock’s dreadful start to life as a public company. There were fears the 70,000 retail customers who had participated in the float would take the opportunity to offload, but investors are holding the line for the time being. Having tumbled 26% on day one, the first day of unrestricted trading saw the stock climb 3% to £2.88. I’m not sure if this is a vote of confidence or a case of averaging in, but it’s no doubt a big relief to management and the bankers involved that the retail army has not routed at the first sound of gunfire. Given the wipe-out that has already taken place, I think a lot of investors will simply think that it cannot go any lower and it’s worth holding on for a better price. Cutting losers is harder than letting winners run. It comes as hundreds of riders prepare to strike over pay and conditions. The walkout underlines the regulatory...read more...