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Indices and Transaction Volumes

  • Markets started the year at a ten year low following the tumble in December as the UK parliament appeared to be unable to agree on a way forward and the Article 50 deadline loomed.
  • As it became clear that an extension was unavoidable, all three indices recovered in the run up to the 31 March.
  • Transaction activity also recovered, with April the strongest month for transactions and funds raised, reflecting a mixture of pent up demand after a prolonged period of low activity post October 2018, and existing listed businesses tapping the secondary market for funds as share prices recovered.
  • Market growth and transaction activity slowed in May impacted by an array of geopolitical concerns, most notably the ongoing US:China trade war and escalating rhetoric around tariffs and protectionism increased fears of a global downturn.
  • Trump and Xi appeared to move towards a resolution in June, which of course was proved to be short-lived. However, the resignation of Theresa May as Prime Minister and the beginning of the Conservative leadership contest held the FTSE flat, propped up by a weakening Sterling, which sunk to its lowest levels in 12 months as fears grew over a no deal Brexit. 

 

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