Peel Hunt Ltd (AIM:PEEL) shares leapt over 10% to 112p, aid it expects full-year results to be ahead of expectations, after a first half performance it described as "strong".
The mid-sized investment bank said it was continuing to feel the benefit of strategic changes made during tough trading over the past three years, which saw it return to underlying profits in the past year
Its investment banking arm worked on several sizeable deals in the period, while the company is now advising 58 clients in the FTSE 350, of which five are blue-chips.
Recent weeks have seen green shoots in equity capital markets activity, with clients supported on equity raises and block trades.
Revenues in its Execution Services business were said to be "materially ahead" of a year ago. This division provides order handling and trade execution for clients such as asset managers, wealth managers and private banks.
"As a result of this activity, we expect to deliver full year results ahead of market expectations," the company said in the trading update ahead of interim results on 1 October.
Shares in the broker, which returned to the market in 2021 after two decades' hiatus, fell to a low of 70p in late April but has been climbing on encouraging results in June and a positive first-quarter update in July that said London market conditions had begun to improve.
On Friday, they rose 11.2p to an initial high of 112.7p.
** Update: Adds share price details **