New issues double on Stock Exchange

THE number of new share issues on the London Stock Exchange more than doubled between April and June compared with the same quarter last year, the Exchange reported today as it delivered a 9% increase in turnover to £63.7m.

There were 92 new issues on its markets during the quarter compared with 40 a year previously, with 76 of them on the Alternative Investment Market against 30 a year earlier.

'We continue to invest in new initiatives to expand and diversify our business and believe the Exchange is well positioned for the future,' said chief executive Clara Furse.

Broker Numis called the trading statement 'reasonably encouraging' but cut its rating on the company to 'hold' from 'add' because of the stock's recent strong run.

The shares were down 2 3/4p at 379 1/2p.