Optimism: Peel Hunt boss Steven Fine (pictured) said there were “tentative signs… that a recovery is underway”.
Brokerage boss Peel Hunt said a “switch has been flipped” in the City after a bumper float this week raised hopes of a recovery in London listings.
Steven Fine said there were “tentative signs… that a recovery is underway.”
Earlier this year, he warned of a “doom cycle” as low valuations made London less attractive and left companies vulnerable to bargain buys, further clearing the market. Now, however, a floating channel is being built, including, this week, Raspberry Pi, whose value soared by as much as 50 per cent, to more than £800m, in trading in the following days.
Fine pointed to the stock market listing, which Peel Hunt worked on, as evidence of a recovery.
“I think a switch has been flipped in terms of sentiment,” he told the Financial Times.
The city has been wracked with soul-searching since Cambridge-based chip company Arm listed in New York, followed by other companies.
With costs rising, Peel Hunt said its losses for the year to the end of March widened to £3.3 million, from £1.5 million a year earlier.
