One of the Sectors seen as the biggest beneficiaries of last week’s UK Election result is the Financials sector. Within that, the “quoted stockbrokers” must be perceived as one of the main winners, as it should extend the positive market for IPOs on both the LSE full list and on AIM, and also maintain the healthy flow of secondary fundraisings. We therefore look at recent news from Numis Securities, Panmure Gordon & Charles Stanley, Cenkos and WH Ireland .
Elsewhere, Fairpoint Group stated at its AGM that ” overall Group trading is materially ahead of the same period last year and in line with the Board’s expectations. This reflects a strong contribution from the Group’s new consumer legal services business, Simpson Millar LLP, which was not part of Fairpoint in the first quarter last year”.
This is good news, not only for Fairpoint, but also for Gateley Holdings (which was very quick out of the blocks, post Election, on 11 May) announcing its intention to float on AIM, with a rumoured valuation of around £140m, and a £10m fundraise. Gateley is a leading national commercial law firm, and is looking to become the first British law firm to list.
Finally, we look at Beazley’s (BEZ) Q1 IMS, which showed that it continues to make progress despite the excess capital in Catastrophe Reinsurance.