FinnCap closes 12 deals since May

Small cap City broker FinnCap said it had stayed profitable in the past six months despite the falling and volatile stock market yesterday. In a trading update it said it had completed 12 secondary fundraisings for clients since May, raising £40m, and grew its secondary commissions by 40 per cent compared to a year ago, in contrast to many of its rivals in the independent broking sector. FinnCap was ranked the top broker to the London Stock Exchange’s Aim market and said it was behind a fifth of all secondary placings on the market in October. Its retainer income also grew by 30 per cent.