Peel Hunt trading ahead of expectations on investment banking strength
Peel Hunt Ltd shares jumped on Friday as it said it expects to deliver full year results ahead of market expectations.
Shares in Peel Hunt were up 11% at 112.50 pence in London on Friday morning.
The London-based investment bank and stock broker said it has made a ‘strong start’ to the current financial year, which runs to the end of March.
The firm said it has acted on ‘a number of substantial [mergers & acquisitions] transactions’ in its Investment Banking division.
The corporate franchise now includes 58 FTSE 350 clients, Peel Hunt noted, made up of 5 FTSE 100 companies and 53 FTSE 250 companies.
Peel Hunt said it has seen nascent equity capital markets activity in recent weeks, where it has supported clients on equity raises and block trades.
It said revenue in the Execution Services business is ‘encouraging and materially ahead’ of the prior year.
As a result, it expects to deliver full-year results ahead of expectations. It will release an update on revenue for the first six months of the year on October 1.
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