Engineering service firm Legence files for US IPO
The U.S. IPO market has seen a resurgence in activity with a flurry of companies coming forward to list their shares to tap growing investor confidence, after a slowdown in April due to trade policy changes.
Shares of cryptocurrency exchange Bullish (BLSH.N), opens new tab more than doubled in their New York debut earlier in the week.
Goldman Sachs and Jefferies are the lead book-running managers for the offering. The company will list its shares on Nasdaq under the ticker symbol "LGN".
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Times
15 minutes ago
- Times
American investors pile into UK shares in boost to London market
American investors have pumped more than $15 billion into UK equities since the start of the year — more than into other overseas markets — according to new that provides a boost to the embattled London Stock Exchange (LSE). The FTSE 100 is trading at record highs, suggesting Britain is seen as a relatively safe haven for investors in the face of political and economic turbulence sparked by President Trump's tariffs. Schroders, the investment manager that provided the research, demand from US investors for UK equities may have 'outstripped their appetite for other markets' because shares in London also appear to be relatively cheap, despite the rally in recent weeks. 'We are currently seeing increased interest in UK companies from our US and international investors, with many noting the relative value available across a range of sectors,' said Sue Noffke, head of UK equities at Schroders. The analysis of data published by the US Treasury shows that while American investors have also put more money into Asia, Japan, Latin America and China, they have not been buying shares in Europe when the UK markets are excluded. It provides a flavour of investor appetite for Britain at a time when the LSE is fighting to attract more initial public offerings and reverse the trend of more companies being taken over than new ones listing on the market. Closely watched data compiled by the financial technology company Calastone shows that domestic investors are continuing to shun the UK stock market, but the analysis by Schroders appears to indicate that this is not the case for American investors. Further data from Morningstar Direct, scrutinising exchange-traded funds (ETFs) linked to the FTSE, shows that investors bought ETFs in June and July — the first two consecutive months of inflows in a year. António Simões, chief executive of the insurance giant Legal & General (L&G), said there was 'pent-up' demand among international investors for UK shares, while Dame Amanda Blanc, boss of insurance rival Aviva, said 'investors are definitely more interested in the UK'. She added: 'If you look at the UK — strong regulatory environment, strong rule of law — the environment is seen as a positive one.' Among the big companies on the FTSE 100 to have attracted overseas investors is the fund manager M&G, in which the Japanese insurer Dai-ichi Life is planning to take a 15 per cent stake as part of a strategic partnership. Another Japanese company, Meiji Yasuda Life, has bought a near 5 per cent stake in L&G, while Aviva has attracted the attention of the big US investor Capital Research and Management with a position of nearly 5 per cent. Anecdotally, City figures have detected a more positive attitude towards the UK stock market in recent weeks from international investors. Simon French, managing director at broker Panmure Liberum, said the UK was looking attractive relative to other countries: 'The French can't pass a budget, the German economy has grown even slower than the UK, Canada is in the cross-hairs of the US [trade war], Japan has debt twice the size of the UK's.' Julian Morse, joint chief executive of the City firm Cavendish, noted that the FTSE All-Share index has also hit record highs. 'The fact that the FTSE 100 and FTSE All-Share have just reached record levels means significant inflows have occurred and they are likely to have a large overseas weighting.' Companies are also buying back their shares, which helps to increase their stock prices and also boosts FTSE indices. Mike Coop, chief investment officer for Europe, the Middle East and Africa at Morningstar Wealth, said another factor was that investors were shifting out of cash as interest rates start to fall, in the hunt for higher returns. 'Many investors have reduced their cash holdings following the drop in interest rates. At the same time, there has been less selling pressure from both local and foreign investors,' said Coop. Noffke said Schroders had seen investor interest in 'financial institutions, as well as firms within the defence and AI industries'. 'In addition, some domestic defensive stocks — such as those in telecoms, utilities and insurance — are trading at a discount compared to their international peers, yet appear to have been largely overlooked by domestic investors,' she said. Schroders' research also showed that investors were continuing to buy shares in the US, where stock markets are also at record levels. Markets fell in April when Trump first announced his 'liberation day' tariffs but have since recovered.
Daily Mail
15 minutes ago
- Daily Mail
FINSBURY GROWTH & INCOME TRUST PLC: AI is the key to getting out of doldrums
Before the pandemic, Nick Train's Finsbury Growth & Income Trust reliably beat the market. But the past five years have not been kind to Train's concentrated buy-and-hold portfolio of well-known UK companies. Finsbury Growth & Income last beat the market in 2020, when its shares fell just 0.7 per cent in a year in which the UK stock market fell 11.6 per cent. Although the UK stock market staged a post-lockdown bounce, since then it has been out of favour and some of the big hitters in the Finsbury Growth & Income portfolio, such as Diageo, Burberry and Schroders, have been deeply unloved by investors. But Train is optimistic, saying he believes there is a cohort of more growth-orientated companies coming through in the UK that are world class and can profit from rapid advances in technology. While investors have focused on chasing up US tech giants' share prices amid the artificial intelligence boom, Train says they are some FTSE-listed companies that also offer a huge opportunity to profit from the application of AI. He says: 'If you look at the shape of Finsbury's portfolio over the past four or five years, there has definitely been a shift towards these London-listed data and data analytics software companies that seem to us to have an extraordinary opportunity ahead of them. And arguably a really intriguing valuation opportunity as well.' Chief among those is RELX, formerly Reed Elsevier. The information-based analytics provider for businesses is a global leader in its field and Train says that is reflected in how it has gone from the 68th largest company in the FTSE 100 in 2000 to sixth today. He says the next 20 years could be as good for RELX as the past two decades, citing its AI tool for lawyers delivering a 280 per cent return on investment for early adopters. Train says if this can be repeated in the scientific and drug research market, the potential for investors 'and humanity' is great. Among Train's other holdings that he believes can benefit from AI to improve their services and profits are property firm Rightmove and credit scorer Experian. He also took a rare new position last year, buying into the world's largest shipping broker Clarkson. He says it is a 'truly world class UK company with a clear opportunity to use technology to create new value.' Though the UK stock market has staged a recent resurgence, with the FTSE 100 up 11 per cent since the start of the year, Finsbury has continued to lag, with a return of just 0.3 per cent. The trust has a share price total return of 9.7 per cent over the past year, but just 15.8 per cent over five years. Over the past decade though, the return is a much healthier 90 per cent. Train, who has run Finsbury for almost 25 years, says he has tackled the past tough years making sure he 'stuck to a clear set of principles'. He says: 'It is no fun underperforming. And it really behoves you in those circumstances to behave in a disciplined way. I hope that we have done that.' Train believes his Warren Buffett-influenced investing style of constructing a concentrated portfolio of high-quality shares will shine through. Finsbury Growth & Income shares are trading at 7 per cent below net asset value, offering the chance to buy in at a discount. Ongoing annual charges are 0.61 per cent and its unique stock market identification code is 0781606.
Daily Mail
8 hours ago
- Daily Mail
The 'King of American Coins' is found in 'grandpa's closet' after 70 years... and is set to fetch $5million
Where James A. Stack Sr. acquired it is a mystery that may never be solved - but for more than 70 years, one of the rarest coins in American history sat quietly in his family's collection. Stack, a prominent New York banker and one of the most discerning coin collectors of the 20th century, began building his collection in the late 1930s with a bold goal: to assemble the most complete and highest-quality cabinet of U.S. coins possible. He pored over landmark sales, forged relationships with top dealers, and handpicked pieces not just for rarity, but for their pristine condition and impeccable provenance. By the time of his death in 1951, Stack's holdings spanned everything from early American copper to spectacular gold issues, along with rarities in U.S. paper money, ancient coins, and world currency. His collection included some of the greatest trophies in American numismatics - an 1802 half dime, an 1894-S dime, an 1838-O half dollar, the 1815 half eagle, and the finest known 1870-S silver dollar. Even the notorious 1933 double eagle once sat in his albums before being surrendered to the Secret Service, leaving behind only his wry note: 'Secret Service has mine.' One of his most elusive prizes - an 1804 silver dollar known as the 'King of American Coins' - has remained hidden since the 1940s. Just 16 examples are known to exist, and this one is considered the finest of the so-called 'Class III' type in private hands. It will be seen publicly for the first time next week at the American Numismatic Association's World's Fair of Money in Oklahoma City before going under the hammer on December 9, where it's expected to fetch up to $5 million. John Kraljevich, numismatic historian with Stack's Bowers Galleries, which is handling the sale told Daily Mail: 'It certainly has the upshot of making some people who thought they knew everything about everything, or at least everything about this coin, second guess. 'There's always another collection sitting in grandpa's closet. That's why we do what we do - the joy of discovery and the hunt for hidden treasure.' Despite its date, no silver dollars were actually struck in 1804. 'None of the silver dollars made in 1804 were actually dated 1804,' Kraljevich explains. 'In 1834 they wanted diplomatic gifts for heads of state, so they made new dies and put 1804 on them.' Those first pieces went to rulers such as the King of Siam and the Sultan of Muscat - instantly making them rarities. Later, in the late 1860s and early 1870s, Mint employees struck a few more off the books for collectors. This newly surfaced piece is one of those so-called 'Class III' examples. 'It's high grade, it's beautiful, and it's the only one among all the Class Threes in private hands with that kind of caliber,' Kraljevich says. 'Among the Class Threes, this is far and away the best one any collector will have a chance to bid on,' he added. Stack's Bowers Galleries in New York will auction the newly discovered legendary rare coin on December 9 The 'King of American Coins' nickname dates back to 1941. 'That was marketing talk from another numismatic auctioneer… a Lithuanian immigrant named B. Max Mehl, sort of the PT Barnum of the coin industry,' Kraljevich says. 'He spent hundreds of thousands of Depression-era dollars on marketing, got everyone looking for rare coins in their change, and really helped coin collecting blossom.' Where Stack Sr. acquired the coin remains a mystery. 'We have no backstory,' says Kraljevich. 'The collector bought this between the late 1930s and 1951 in New York… where it was sourced before that is anybody's guess.' Kraljevich believes the coin's pristine state and fresh-to-market appeal could drive bidding sky-high. 'We're thinking probably four to five million… but anything could happen. People love new discoveries and stories of hidden treasure. You get two wealthy individuals who decide they just have to have it, and records will be set.' So why does the king still reign? 'Everybody loves a controversy,' Kraljevich says. Vendor Warren Mills is seen at a previous gathering of the American Numismatic Association's World Fair of Money 'You've got government officials behaving badly, early U.S. diplomacy, colorful collectors, and just enough conspiracy to keep people talking. 'None of these coins are what they seem - they all have a little bit of a secret side. 'Owning one automatically elevates a collection and the collector's place in history.' Only seven or eight examples of the 1804 dollar are in private hands today. The last one sold - the famed Sultan of Muscat specimen - fetched $7.68 million in 2021.
