Numis Corporation PLC (AIM:NUM) got a boost on Tuesday after it highlighted an uptick in its equities business which has delivered revenue slightly ahead of the second-half run-rate last year, even though overall market conditions remain tough.
In an AGM trading statement, the London brokerage firm noted subdued levels of equity issues and deal-making and, as a result, it said its overall revenue run-rate outcome in the four months to January 31, 2023, was similar to the second half of the prior year helped by a significant rally in UK small and mid-cap indices, as well as improved investor sentiment.
The company said that it is well-positioned for when volumes do recover and is encouraged by the recent market performance, which has contributed to improve institutional appetite for both primary and secondary offerings.
The AIM-listed firm's shares were up 9.1% at 239p in late Tuesday afternoon trading.