Volumes drop by 20pc at London Stock Exchange Group September 26, 2012 TRADING volumes on the London Stock Exchange (LSE) fell by a fifth during the summer months, the bourse’s parent group announced yesterday. Average daily UK equity trading volume was £4bn for the five months to 31 August, down from £5bn for the same period last year. Including Italy, the total amount raised across the group’s [...]
Panmure Gordon soars back into the black to defy gloom September 26, 2012 STOCKBROKER Panmure Gordon defied the market gloom to bounce back into profit in the first six months of this year, according to results published yesterday. Despite poor trading volumes on the London Stock Exchange, the firm’s bread and butter source of business, it delivered a £1.2m profit for the six months ended 30 June 2012 [...]
Cenkos feels profit squeeze September 26, 2012 CENKOS Securities, the broker and bookrunner, reported a drop in annual revenue and profits yesterday. Revenue fell by nearly a fifth to £20.2m for the six months ending 30 June 2012, down from £25.1m in June 2011 – denting pre-tax profits to £3.5m from £5m in June last year. Funds raised for clients also dropped [...]
MEPs clamping down on high frequency trade September 26, 2012 A TOP European Parliament committee voted unanimously in favour of rules to cut down high frequency trading yesterday, and move forward plans to limit the number of positions market participants can hold. MEPs claimed the markets in financial instruments directive (Mifid2) will promote market stability by forcing traders to place orders in markets for at [...]
Hacking trial starts in 2013 September 26, 2012 REBEKAH Brooks and Andy Coulson learned yesterday in court they will face trial over phone hacking charges next September, alongside five other ex News of the World staff. Brooks and Coulson, who edited the paper from 2000 to 2003 and from 2003 to 2007 respectively, are accused of a conspiracy to access voicemails. The other [...]
West End companies call for a red bus ban to entice shoppers September 26, 2012 A WEST End business group has called for the end of the “wall of red buses” that clog up Oxford Street. The New West End Company (NWEC), which represents retailers and landlords in the area, wants to introduce pedestrian-only times to coincide with the completion of Crossrail in 2018. It claims that previous traffic-free days [...]
Insurers face £40m floods bill September 26, 2012 NORTHERN England and Scotland have been hit hard by flooding, leaving UK insurers facing a hefty bill of up to £40m for this week’s damage. Analyst Barrie Cornes at Panmure Gordon told City A.M. that RSA faces a bill of £12-£15m, Aviva £15-£20m and Legal & General around £3-£5m. This is on top of substantial [...]
Ex-FDIC chair calls for stricter rules September 26, 2012 US banks should have the amount they can borrow against their equity halved, according to Sheila Bair, the former chairman of the Federal Deposit Insurance Corporation (FDIC). Bair’s memoir of the financial crisis, “Bulls by the Horns”, said banks should have a borrowing ratio of eight per cent, rather than the current four per cent, [...]
IMA hits back at Wheatley September 26, 2012 The Investment Management Association, the fund manager trade body, yesterday said the industry had “nothing to hide” on charges. It follows comments on Tuesday by Financial Services Authority head Martin Wheatley that fund managers should put customers before profits. IMA chief executive Richard Saunders said: “No investment can be made free of cost. For ordinary [...]
Domino’s Pizza misses out on Olympic boost September 26, 2012 SHARES IN Domino’s Pizza fell almost four per cent yesterday after the company surprised the City with slower-than-expected third quarter sales. The group, which has 770 stores in Britain, Ireland, Germany and Switzerland, said like-for-like sales increased 3.7 per cent over the 17 weeks to 23 September. This contrasts with an 8.1 per cent jump [...]
