The London Stock Exchange’s decade-thin listing pipeline has gotten a fillip from Ashoka WhiteOak, an emerging markets investor. At the same time, the LSE’s growth market will see one of its companies go, with asset management consulting firm MJ Hudson planning to delist after its auditor resigned earlier this year. “You win some, you lose some,” some might say. And those who want to see the glass half full might appreciate that there’s at least some movement.
(Bloomberg) — The London Stock Exchange’s decade-thin listing pipeline has gotten a fillip from Ashoka WhiteOak, an emerging markets investor. At the same time, the LSE’s growth market will see one of its companies go, with asset management consulting firm MJ Hudson planning to delist after its auditor resigned earlier this year. “You win some, you lose some,” some might say. And those who want to see the glass half full might appreciate that there’s at least some movement.
Here’s the key business news from London this morning:
In The City
Ashoka WhiteOak Emerging Markets Trust Plc: The investment firm plans an initial public offering on the London Stock Exchange’s main market, aiming to raise gross proceeds of £100 million.
- “With emerging markets valuations at multi-year lows relative to developed markets, they offer an attractive entry point, while simultaneously exhibiting generally lower inflation, lower debt levels and higher growth potential,” the company said
- Just three tiny firms have listed in London so far this year, raising only about $14 million combined, the lowest since at least 2009
Heathrow Airport: The London travel hub said March 31 was one of its busiest days since 2019, with 221,606 passengers travelling through the airport. The overall number of passengers rose to 6.2 million last month, one million more than in February.
- Heathrow, which had been hit by security guards strikes in the past days, also said Unite union should let its members vote on the airport’s 10% wage increase offer
MJ Hudson Group Plc: The asset management consulting firm plans to cancel its listing on the LSE’s s Alternative Investment Market. The firm agreed to sell its data & analytics and business outsourcing units to financial services provider Apex for as much as £40 million.
- MJ Hudson’s auditor EY resigned earlier this year, saying it had “lost trust and confidence in the company’s management and those charged with governance”
In Westminster
The Tories are continuing to gain ground on Labour, with a new poll showing Rishi Sunak’s party with their smallest deficit since he became prime minister in October. That’s as Sunak is planning a general election for October or November of next year, The Telegraph reported.
Meanwhile, US President Joe Biden is travelling to Ireland today to mark the 25th anniversary of the Good Friday Agreement. Here are five things to watch for during Biden’s visit.
One million people in England will be offered the chance to drop their cigarettes and pick up a vape under government plans to help people quit smoking.
In Case You Missed It
British households slashed back spending on groceries and dining out in March as persistent double-digit inflation forced them to tighten their belts. “It’s time customers push back against price increases,” Bloomberg Opinion columnists say.
Former Barclays Plc Chief Executive Officer Jes Staley was accused of whining by the judge overseeing the litigation surrounding him and his former employer JPMorgan Chase & Co. over their ties to Jeffrey Epstein. US District Judge Jed Rakoff on Monday rejected Staley’s bid to separate JPMorgan’s suit against him from two other cases alleging the bank itself knowingly benefited from Epstein’s sex-trafficking. Staley had argued he needed more time to prepare his defense, but the judge was unconvinced.
Looking Ahead
There are no major scheduled corporate results tomorrow, but later in the week we’ll get updates from supermarket Tesco Plc, tobacco company Imperial Brands Plc and bootmaker Dr Martens Plc.
For a more considered take on the UK’s economic and financial news, sign up to Money Distilled with John Stepek.
–With assistance from Charles Capel.
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