Former SJ Berwin lawyer bags £23m fortune through float of consultancy MJ Hudson December 12, 2019 A former SJ Berwin private equity partner has today made a £23m paper fortune after the asset management consultancy he founded went public in a £100m float on London’s junior market. Matthew Hudson founded MJ Hudson in 2010 after a career as a private equity lawyer at now-defunct City firm SJ Berwin and US law [...]
European stocks creep higher ahead of General Election December 12, 2019 European shares edged higher this morning as investors await the result of a momentous British election, as well as the outcome of Christine Lagarde’s first policy meeting as head of the European Central Bank (ECB). The Conservatives are expected to win a majority of seats in the next parliament, but a poll released last night [...]
Saudi Aramco hits $2 trillion valuation as shares open higher December 12, 2019 Saudi Aramco shares opened 10 per cent higher in the second session of trading today, sending the state-owned oil company’s value above $2 trillion (£1.5 trillion). The shares rose as high as 38.7 Saudi riyals before easing to just over 38 riyals – a rise of more than eight per cent. Read more: Saudi Aramco [...]
Election 2019: Sterling rises as traders await vote December 11, 2019 Sterling has risen against the dollar ahead of tomorrow’s General Election, recovering the ground it lost yesterday after a closely-watched poll halved the Conservative party’s expected majority. The rise continues the growth spurt sterling has been through since the start of December, which has been driven by polls predicting a Tory election victory. Traders by [...]
Saudi Aramco shares surge 10 per cent in $25.6bn stock market debut December 11, 2019 Saudi Aramco’s shares jumped 10 per cent today, as the kingdom’s state-run oil company started life as a public company on Riyadh’s Tadawul stock exchange. The rise took the oil behemoth’s market value to nearly $1.9 trillion (£1.45 trillion), meaning it is now comfortably the world’s most valuable listed firm. Read more: Institutional tranche of Saudi [...]
FTSE 100 rises after Yougov poll sends sterling tumbling December 11, 2019 The FTSE 100 has risen this morning after the pound suffered a shock as Yougov’s final poll of the General Election campaign showed the Conservatives on course for a smaller majority. Yougov’s MRP model poll, released yesterday, suggests the Tories could win a 28-seat majority in tomorrow’s election – a significant drop on previous estimates. [...]
Pre-Election market update December 10, 2019 | City Talk The famous (or infamous) cliché ‘Buy the rumour, sell the fact’ is commonly used in the financial markets. But it contains a significant element of truth. It has been seen in the performance of the pound versus the dollar and euro since Boris Johnson ascended to the premiership. Having suffered heavily for most of 2019, [...]
Are there any safe bets for investors this election? December 10, 2019 | City Talk Political parties have not been able to agree on much this election. Whether it is Brexit or how the economy is run, the Conservatives and Labour have opposite views on almost everything. The Conservatives want to ‘get Brexit done’ so the UK is out of the EU by January, have a new trade deal signed [...]
Exxon victorious in New York climate fraud case December 10, 2019 A judge has today ruled that Exxon Mobil did not mislead its investors on climate change, in a case brought by the state of New York. Justice Barry Ostrager of the Manhattan supreme court said that the state attorney general had not produced any evidence that investors had been misled over the cost of addressing [...]
London Stock Exchange launches consultation on shorter trading hours December 10, 2019 The London Stock Exchange (LSE) has launched a consultation on shortening its trading hours following calls by industry bodies who said such a change would improve workplace culture and liquidity. The stock exchange has asked its members – mainly banks and brokers – for its views on a series of options for shortening the current [...]