London stock market drags itself out of economic pit as it finally turns a corner | UK | News

June 13, 2024
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The London stock market has begun to recover after two miserable years, according to the stockbroker who in 2023 forecast a “doom loop” for the exchange.

Chief executive of City stockbroker Peel Hunt, Steven Fine, pointed to markers recovery and claimed that the capital’s stock exchange is on an upward trajectory, having struggled to attract floats and seen a wave of companies leave.

According to The Telegraph, Mr Fine said: “We’ve had 10 bad quarters in this industry… but now it’s better than it’s been.”

He added that a “switch has been flicked” and that “there has been a shift in sentiment and that is a very good precursor for a rebound in activity over the coming quarters”.

The chief exec noted the float of Raspberry Pi earlier this week, which his company worked on, as evidence of an improvement in the feeling in the market.

On their opening day of trading, shares soared almost 40 percent.

Mr Fine added that a £7bn equity raise for the National Grid, the largest in ten years, as well as follow-on share sales in Haleon and the London Stock Exchange Group, are further signifiers of more promising market conditions, Mr Fine said.

Peel Hunt warned in 2023 that parts of the London market were trapped in a “doom loop”.

However, Mr Fine now believes that better GDP figures, tapering inflation and the expectation that interest rates will soon fall, is contributing to an improved stock market mood.

He added that a more stable domestic political landscape also helps.

Referencing the upcoming election, he said: “Whether it’s Sunak and Hunt or Starmer and Reeves, they are very solid people. Either of them will do a great job of running this country.”



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