London Stock Exchange sees 91 percent leap in capital raised

LONDON Thu Mar 27, 2014 7:30am GMT

Workers speak above an electronic information board at the London Stock Exchange in the City of London January 2, 2013. REUTERS/Paul Hackett

Workers speak above an electronic information board at the London Stock Exchange in the City of London January 2, 2013.

Credit: Reuters/Paul Hackett

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LONDON (Reuters) - The London Stock Exchange said on Thursday that money raised on its markets soared by 91 percent in the 11 months to the end of February and that there was a good pipeline ahead.

In a pre-close statement, the LSE said total equity capital raised so far in its financial year was 28.3 billion pounds ($46.9 billion), compared with 14.8 billion pounds in the same period last year. The number of new issues rose to 162 from 107.

The exchange reported a rise of 8 percent in the average value of daily trading on its flagship British stock market. At its Italian business, average daily volumes were up 3 percent. Growth rates in both markets have strengthened in the fourth quarter, up 23 and 13 percent respectively.

Derivatives trading volumes rose 17 percent compared with the previous year.

Fixed income was even stronger, with the value traded on the electronic fixed income market MTS up 46 percent, although the retail bond market MOT saw a 9 percent fall.

LCH.Clearnet, the clearing house in which the LSE acquired a majority stake last May, also saw growth, the statement said.

"The Group is seeing good performance across our businesses in the final quarter," Chief Executive Xavier Rolet said.

"Both primary and secondary market activity levels have increased over the past year."

London equity issues have soared this year as companies seek to take advantage of firm stock markets with initial public offerings and share sales.

Thomson Reuters data showed this month that the LSE has seen the highest levels of listings by number and volume since the first quarter of 2007.

(Reporting by Freya Berry; editing by Huw Jones and Kevin Liffey)

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