Market Report - November 2003
London Stock Exchange Plc
08 December 2003
8 DECEMBER 2003
MONTHLY MARKET REPORT FOR NOVEMBER 2003
STRONG START FOR SETSmm; SPREADS NARROW BY
40% ON AVERAGE
The first full month of trading on SETSmmTM, the London Stock Exchange's new
hybrid trading service, was completed in November. The average number of trades
per day was 9,841, up 65 per cent on an average of 5,978 trades per day in
October 2003. The average daily value represented by these trades was £383
million. The average spreads for FTSE 250 stocks have improved by 40 per cent
since the start of the market on 3 November, from 178 basis points in October
2003 to 107 basis points in November 2003.
The number of trades on SETSTM, the Exchange's electronic order book also
increased, to 2.8 million in November 2003, a rise of 18 per cent on the number
of trades in November 2002. The value traded on SETS during the month was £62.9
billion, up from £58.4 billion in November 2002. The average daily number of
trades on SETS was 140,674, up from 113,122 in November 2002.
The total number of equity trades on the Exchange was 4.64 million in November
2003. This is down one per cent from a total of 4.68 million equity trades in
November 2002. The total value of shares traded in November 2003 was £316.3
billion, down from £361.7 billion in November 2002.
The number of UK equity trades on the market was up 13 per cent to 3.91 million
trades, compared with 3.46 million trades in November 2002. There were 20
business days in November 2003 compared with 21 days in November 2002.
The number of trades in the covered warrant market increased to 4,268 trades in
November 2003, compared with 766 trades in November 2002, the first full month
of trading for the market. The value of these trades was £35 million, compared
with £2.2 million in November 2002.
On the primary market, there were 18 new issues during November 2003, ten of
which were IPOs: two on the UK Main Market, one international company on the
Main Market and seven on AIM, raising £384.7 million between them. This
compares with 13 new issues, of which 2 were IPOs, in November 2002.
For further information, please contact:
Tiffany Hardie-Evans Press Office +44 (0)20 7797 1222
Notes to editors:
• About the London Stock Exchange:
The London Stock Exchange is one of the world's leading equity exchanges and a
leading provider of services that facilitate the raising of capital and the
trading of shares.
The London Stock Exchange is the most international equities exchange by trading
in the world and Europe's largest pool of liquidity. By the end of 2002, the
market capitalisation of UK and international companies on its markets amounted
to £3.1 trillion, with £4.6 trillion of equity business transacted over the
year.
The London Stock Exchange is a Recognised Investment Exchange (RIE) under the
Financial Services and Markets Act 2000 and is supervised by the Financial
Services Authority.
• SETS - the electronic order book.
It is now six years since the launch of SETS and the service continues to go
from strength to strength. Overall, the market is benefiting from tighter
spreads and greater liquidity. Usage of SETS continues to grow, as shown by
recent record increases in the number of orders entered, the number of firms
using the order book and order book share of business.
Indices are calculated and managed by FTSE Group, a world-leader in the creation
and management of global equity indices. The FTSE Group is jointly owned by the
London Stock Exchange and the Financial Times, but operates as a wholly
autonomous company.
For information about the company or any FTSE indices, please contact
media@ftse.com
IPO - when a new company joins our market raising money. This excludes
transfers and introductions (a company that joins a market without raising
money).
• SETSmm
SETSmm is the Exchange's new trading service for FTSE 250 and other leading non
order book securities. By combining the best features of the existing SETS and
SEAQ trading services, SETSmm appeals to market users who want to trade
electronically, as well as those customers who use the market making system.
• Retail Trading Figures
Retail trading figures are available from our website at - http://
www.londonstockexchange.com/trading/retailtrade.asp
Figures are available from November 2002 to date.
LONDON STOCK EXCHANGE
MONTHLY FACTSHEET FIGURES
November 2003
2003 2002
DOMESTIC EQUITY TRADING Month Year to date Month Year to date
Equity Trading Value (£m) 169,477 1,729,526 158,455 1,709,100
Number of Equity Trades 3,907,572 42,498,937 3,460,525 34,696,459
INTERNATIONAL EQUITY TRADING
Equity Trading Value (£m) 146,861 1,602,197 203,288 2,627,909
Number of Equity Trades 733,581 9,144,667 1,218,146 14,157,215
ORDER BOOK TRADING
Order Book Value (£m) 62,936 662,010 58,383 630,335
Order Book Trades 2,813,470 30,225,715 2,375,552 21,865,186
November 2003 November 2002
DOMESTIC MARKET CAPITALISATION (£m) 1,334 1,225
TOTAL NUMBER OF COMPANIES 2,682 2,828
UK list 1,562 1,710
Foreign 389 420
AIM 731 698
of which techMARK 181 213
2003 2002
MONEY RAISED (£m) Month Year to date Month Year to date
UK & AIM New Issues Equity 267 2,281 153 5,204
Further, Rights and Other 443 5,167 313 11,839
Bonds, Warrants, Fixed Interest 12,178 111,879 9,402 79,250
Int. New Issues Equity 165 1,134 - -
Further, Rights and Other 303 5,192 - 5,455
Bonds, Warrants, Fixed Interest 6,687 88,256 4,578 67,188
COMPANIES ADMITTED 18 159 13 211
This information is provided by RNS
The company news service from the London Stock Exchange
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