Market marches to exceptional month: Highest number of new listings - Steady flow 'shows confidence'
Monday 11 April 1994
The mergers and acquisitions market also achieved a long-awaited improvement in the first quarter of 1994, largely spurred by deregulation in the television broadcasting sector.
Stock Exchange newcomers raised a record pounds 3.4bn last month, more than half the pounds 5.9bn raised by new entrants during the whole of 1993.
There were also 46 new issues in March - the highest monthly inflow yet, beating the previous record of 42 set last November. The exchange said that the steady flow of new entrants showed that 'confidence in the market's capacity for capital-raising continues unabated'.
Amid the continuing debate over a new capital market for small companies to replace the Unlisted Securities Market, Glasgow has staked a claim to host one.
Significantly, the Stock Exchange said today that it 'remains committed to the interests of smaller companies, and is encouraged to see 24 joining the Official List with a market value of pounds 50m or less, including eight with a market capitalisation under pounds 20m'.
During the month there were 28 rights issues raising pounds 1.3bn. By far the largest was a call for pounds 670.3m from Allied-Lyons to fund its purchase of the drinks group Pedro Domecq.
March brought increasing volatility on the FT-SE 100 share index, caused largely by fears of rising long-term interest rates in the US and political worries in the UK. Turnover in UK and Irish equities for March was pounds 61.1bn, up 2.2 per cent on last month.
Turnover of overseas shares traded in London rose 2.1 per cent to pounds 71.3bn in the same period to register a record. There was a sixfold surge in trading in Mexican shares when the Mexican Stock Exchange was closed on 24 March in the wake of the assassination of a presidential candidate.
In the first quarter of 1994 there were 314 UK acquisitions worth a combined pounds 5.2bn, according to Acquisitions Monthly. During the same period last year there were 260 deals totalling pounds 3.5bn.
Granada's pounds 766m bid for LWT and MAI's pounds 283m offer for Anglia accounted for much of the total value of completed bids.
The largest non-TV bid by a UK company was Birkby's pounds 59m offer for In Shops.
- 1 Gun instructor accidentally shot dead by nine-year-old girl with Uzi gun
- 2 Miley Cyrus' homeless MTV VMAs date, Jesse Helt, is wanted by the police
- 3 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 4 Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
- 5 Homer Simpson has taken the ALS ice bucket challenge because of course he has
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Jeremy Clarkson is a cultural tumour and needs to be removed, says comedian Frankie Boyle
Do you realise just how foolish the UK looks?
- < Previous
- Next >
iJobs Money & Business
£40000 - £48000 per annum + benefits+bonus+package: Harrington Starr: C# Devel...
£45000 - £60000 per annum + benefits+bonus+package: Harrington Starr: C# Swift...
Negotiable: Harrington Starr: A fast growing Financial Services organisation b...
£50000 - £60000 per annum + excellent benefits: Harrington Starr: An award-win...