Dour market welcomes Polymetal sparkle

Polymetal, the Russian gold and silver miner, came to the rescue of the European equity capital market on Friday, beginning a re-listing process in which it hopes to raise $500m of new money while appealing to the broad FTSE 100 investor community. The announcement came barely 36 hours after the postponement of the much bigger Loterias IPO, a move that had deflated bankers’ expectations for the fourth quarter.