![]() ![]() “All of these factors should in time lead to a re-rating of the UK market, but in the short term they have been hindered by asset allocation outflows from the UK,” Simon Gergel, chief investment officer for UK equities at Allianz Global Investors, said in written comments. ![]() Paris last year overtook London as Europe’s biggest stock market.Īnd the UK’s shortage of growth-oriented stocks has pushed investor dollars into other markets. It’s also pushing UK businesses to consider listing elsewhere in hopes of securing a richer value for their shares, with gambling firm Flutter Entertainment Plc planning a secondary US listing in early 2024 and Cambridge-based biotechnology company Abcam Plc moving its primary listing from London to the US last year. The low valuation of the UK stock market has hastened the exodus by encouraging foreign companies and private equity firms to buy and delist British companies. In fact, this year is shaping up to be the slowest year for IPOs in the UK since 2009. shunning its home market for a New York listing. London missed out on the hottest initial public offering of the year, with chip designer Arm Holdings Ltd. “It can become a self-fulfilling prophecy.” “UK is seemingly not an attractive destination to raise capital due to the stark outperformance of US equities and their elevated valuations making capital raising look cheaper,” James Athey, investment director at Abrdn in London, said by phone. These companies, which have moved their main listing outside the UK, have a combined market value of more than $190 billion, including Smurfit.Īside from being a tough year for UK stocks with the FTSE’s dismal performance compared with US and continental European markets, the country’s attractiveness as a home for companies is being increasingly called into question. Building materials company CRH Plc is shifting from London to New York this month. London’s recent losses include Just Eat NV in 2021 after it was reclassified as a Dutch company post-merger, while last year saw the exit of mining behemoth BHP Group Plc. That would make it ineligible for inclusion in the exchange’s benchmark FTSE 100 Index, which it has been a constituent of since 2016. of the US would result in the cancellation of the Dublin-based company’s premium listing on the London Stock Exchange. ![]() The International segment includes PokerStars, Sisal, Adjarabet, Betfair and Junglee operating in multiple jurisdictions around the world offering a diverse range of sportsbook, exchange and gaming services.(Bloomberg) - A $20 billion merger in the packaging industry spells one thing for the UK stock market: the prospect of losing yet another of the top companies from its benchmark index.Ī planned tie-up between paper and packaging giant Smurfit Kappa Group Plc and WestRock Co. The Australia division includes the Sportsbet brand offers online sports betting. The UK & Ireland division includes the Sky Betting and Gaming, Paddy Power, Betfair and Tombola brands offering a diverse range of sportsbook, exchange and gaming services across the United Kingdom and Ireland, along with over 600 Paddy Power betting shops. The US division includes FanDuel, TVG, FOX Bet and P okerStars brands, offering regulated real money and free-to-play sports betting, online gaming, daily fantasy sports and online racing wagering products to customers across various states in the Unites States and Canada. The Company operates through four divisions: US, UK & Ireland, Australia and International. Flutter Entertainment plc is an Ireland-based global betting and gaming company. ![]()
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