FTSE 100 Live: Gold surges past $5,000, S4 Capital shares rocket

Good morning from the City AM liveblog team.

While brokers and stock exchange managers are hoping for an IPO comeback in 2026 after a four-year drought, some investors are less keen to see a flood of fresh companies hitting the market.

Speaking at an Innovate Finance panel discussion chaired by City AM, James Codling, managing partner of VC firm Volution, said fintechs must make sure they “get to the right place” in shoring up their business models before exploring an IPO.

“There is nothing wrong with companies staying private for longer…if they have access to capital,” Codling said.

“We had a couple of fintech high-profile IPOs… in 2018, and they floated and it was a complete and utter disaster.

“So I think float when it’s the right time to float. Don’t fall into the trap of floating too early and then finding that the market goes, ‘Oh, this business model’s pretty sh*t, actually.’.

“It was a real problem and I think the fintech IPO market hasn’t recovered since then because [big price volatility] spooks the market.

“I think we need a functioning IPO market but I’d be more than happy to see our companies stay private for longer to make sure that they get to the right place before they can float.”

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Here’s a look back at our top headlines over the weekend:

• Labour erupts into civil war after Starmer allies block Burnham’s by-election bid
• Reeves told City at ‘critical juncture’ after claims of golden age
• Trump threatens 100 per cent tariffs on Canada over China deal
• Mike Ashley confronts Asos board in latest retail row
• Fund giant slashes UK exposure as investors sour on Britain
• Babcock boss bows out after shares grow sixfold