Home Money Peel Hunt boss says ‘switch has been flipped’ on city darkness after Raspberry Pi float

Peel Hunt boss says ‘switch has been flipped’ on city darkness after Raspberry Pi float

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Optimism: Peel Hunt boss Steven Fine (pictured) said there was

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.

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