New York wins big in global IPO boom – and that’s even before Snap’s flotation is counted March 2, 2017 The New York Stock Exchange (NYSE), home to this week’s eagerly-awaited IPO from Snap, has been the most popular exchange for new listings globally so far this year. The findings come as new data shows that the number of flotations worldwide has surged to levels not seen since before the credit crunch. With 187 offerings [...]
The London Stock Exchange fiasco does not bode well for post-Brexit Brussels March 2, 2017 Breaking up is never easy. For London and Frankfurt's leading stock exchanges this week has been awkward enough, even though their sudden split occurred before they'd managed to tie the knot. Deutsche Boerse's Carsten Kengeter is none too happy about being abandoned by his proposed merger partner. Yesterday's passive aggressive comments about the LSE's decision [...]
FTSE reshuffle day: Capita and Dixons Carphone replaced by Scottish Mortgage Investment Trust and Rentokil Initial March 1, 2017 Capita and Dixons Carphone have dropped out of the FTSE 100 after its quarterly review of constituents. They will be replaced by Scottish Mortgage Investment Trust and Rentokil Initial, FTSE Russell announced this evening. However, Easyjet and Intu Properties escaped the chop, which will take effect after the close of business on Friday 17 March. Read [...]
Man Group reports losses and lower performance fees March 1, 2017 Hedge fund Man Group disappointed investors with pre-tax losses of $272m for 2016 this morning, largely driven by accounting write downs at the company’s discretionary investments arm, GLG, and at FRM, Man’s fund of funds business. Performance fee revenues were down to $81m, compared to $302m in 2015, with declines across all divisions. The FTSE [...]
Global stocks bonanza: Dow Jones at 21,000 as FTSE 100 hits new record high March 1, 2017 Stock indices around the world have hit more record highs, with the Dow Jones Industrial Average and FTSE 100 both jumping past their previous best levels after US President Donald Trump struck a more emollient tone in a speech to the US Congress. London’s main index rose to close at 7,378.67 points, surpassing its previous peak [...]
International Personal Finance’s shares tank on profit dip and fear of FTSE 250 demotion March 1, 2017 Shares in International Personal Finance tanked over 10 per cent today after it announced a drop in profits. The company, which is widely expected to be relegated from the FTSE 250, reported profit before tax of £92.6mn in 2016, compared to £116.1m the year before. Revenue rose 1.2 per cent to £755.9m, but the number of [...]
NCC chief exec Rob Cotton has stepped down after profit warnings March 1, 2017 Cyber security group NCC has announced chief exec Rob Cotton has stepped down today with immediate effect. The departure follows two recent profit warnings, and the group is now on the hunt for a new boss and a new chairman. Paul Mitchell, the current chairman, steps down at the end of May. The company recently appointed [...]
Ignore the pessimists: Why I’m bullish on Snapchat’s IPO March 1, 2017 Today could see the official start of the biggest tech IPO in history. Snapchat will finally announce the price per share it will be seeking for its long-awaited public offering. If the social media giant gets the valuation it’s rumoured to be expecting, a whopping $25 billion, its IPO could end up dwarfing even Facebook’s [...]
The Financial Conduct Authority launches consultation over plans to reform IPO process March 1, 2017 The Financial Conduct Authority (FCA) has launched a consultation over plans to reform the initial public offering (IPO) process in the UK. The watchdog has voiced concerns that investors don't get enough information before new firms list on the stock market, posing risks. So it has drafted up proposals for investors to get independent research [...]
Higher oil prices alone won’t rescue failing petro-states like Venezuela March 1, 2017 At the annual International Petroleum Week at Grosvenor House on Park Lane last week, all eyes were on Mohammed bin Saleh al-Sada, the Qatari energy minister. The dignitary was honoured with a special award, “International Oil Diplomacy Man of the Year 2016”, as one of the masterminds behind the production cuts agreed to last November [...]