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 [...]
May you leave us alone? Mark Carney says Bank of England won’t be instructed by politicians October 15, 2016 Mark Carney has said the Bank of England will not be told what to do by politicians. Speaking shortly after Prime Minister Theresa May questioned the impact of quantitative easing policies, the Bank’s governor said on Friday that his job is sometimes made more difficult by comments from the political world. Read more: Theresa May [...]
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 [...]
Solid figures show US still on course for December rate hike October 14, 2016 The US Federal Reserve is still on course to hike rates by the end of the year after a reassuringly uneventful set of economic data out this afternoon. New numbers showed retail sales jumped by 0.6 per cent in September, bouncing back from a 0.2 per cent fall the month before. On an annual basis, consumer [...]
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 [...]
Marmite peace settlement sends Tesco to the top of the FTSE 100 October 14, 2016 Good news about the black stuff has sent the FTSE 100 climbing higher in this morning's trading. Or, to be more precise, good news about the black stuffs. Because while the price of a barrel of Brent Crude oil rose 0.8 per cent to $52.42 this morning, and metals also headed north – good news for [...]