Sterling steady as rift opens between Philip Hammond and hard Brexiters October 17, 2016 The weekend may have brought some welcome respite for currency traders after a frantic few weeks of selling and shorting, but the break still hasn't done sterling any good. It's as-you-were on the money markets today with the pound falling shy of $1.22 against the US dollar and €1.11 against the single currency. At lunchtime one pound [...]
Markets riding high for now, but vulnerable to “small trigger”, warns Citi October 17, 2016 Equity markets could be a “small trigger” away from crashing down from current near-high levels, a note from Citigroup has warned today. Researchers argued that the world is currently not an uncertain place, but that with certainty comes complacency, “and with complacency comes risk”. Read more: Will the pound's weakness continue to drive the FTSE 100? [...]
London Stock Exchange to become brighter and smellier with two new floats this week October 17, 2016 The London Stock Exchange’s main market is this week set to become a little brighter, but also a bit smellier, thanks to two new floats. Luceco, an LED lighting and portable power manufacturer, and waste management company Biffa both confirmed this morning they plan to float on Thursday. Read more: Biffa set to float next week [...]
Misys cuts float value as Brexit volatility bites October 16, 2016 Financial technology company Misys has been forced to cut the value of its pending market flotation due to Brexit-induced market volatility. The company is the latest in a string of firms that has had to dial back or call off plans to list as a result of the UK’s shock vote to quit the European Union [...]
Private equity firms checking out Pure Gym after company proved not quite fit enough for IPO market October 15, 2016 Private equity firms are believed to have expressed interest in Pure Gym after the company withdrew its flotation plans this week. And the company’s board and US private equity backer, CCMP Capital, are understood not to have dismissed the informal approaches. Read more: Pure Gym avoids overstretch as it pulls the plug on IPO plans [...]
Biffa set to float next week after cutting price to save IPO from scrapheap October 15, 2016 Biffa is expected to float on the London Stock Exchange next Thursday after it cut the price of its initial public offering (IPO). The waste disposal company has managed to avoid pulling its IPO after drumming up enough City interest on Friday. City A.M. understands Biffa is set to announce the flotation is going ahead on Monday. Read [...]
Sterling slumps and stocks jump to end frantic week of trading October 14, 2016 Financial markets ended the week on a considerably calmer footing than they begun, but five days of big movements have shattered the post-referendum swagger which was creeping back to corners of the City. Sterling finished on the back foot, shedding another 0.6 per cent against the dollar to finish things off below $1.22. However, that [...]
Biffa cuts IPO pricing in bid to keep float away from the scrapheap October 14, 2016 Waste disposal company Biffa has relaunched its initial public offering (IPO) at a cut price after failing to find sufficient investor interest. The company is now offering its shares at 180p, City A.M. understands – down from an original price range of 220p-270p. Read more: Float or sink? London's IPO market is giving off mixed [...]
The fall in sterling has given the UK’s cosmetic surgery sector a facelift October 14, 2016 While the still-falling value of sterling has worried many sectors of the UK's economy, the cosmetic surgery industry has received a veritable lift from the weaker pound. Cosmetic surgery clinics are booming off the back of the Brexit vote and subsequent currency hit, as plastic surgery tourism to UK clinics has been made "considerably more [...]
Sterling is all over the place today October 14, 2016 The pound spent the morning lurching wildly around as threatening comments from European jostled with a rather more soothing tone from Bank of England governor Mark Carney. Although sterling fell as low as $1.2171, as the morning wore on it rose to $1.2240, 0.1 per cent down against the dollar. Meanwhile, it headed into positive [...]