New issues tops

The performance of new share issues beat the stock market as a whole, despite the series of high-profile flops, a study by James Capel reported The broker said that issues such as Stagecoach Holdings, the bus company, where the shares doubled, outweighedthe share price collapses of companies such as McDonnell Information Systems and Aerostructures Hamble.

Companies that floated in 1993 and 1994 outperformed their sectors by 9 per cent.