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Alternative Investment Market roars back to life with record levels of trading activity.

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Vincent
PositionNews Round-Up

A further sign of the UK's economic improvement has come with a significant increase in the number of flotations on the Alternative Investment Market (AIM). The first quarter of this year saw this market return to levels of activity not seen since the peak of the dotcom boom in 2000.

First-quarter results show that AIM experienced a 140 per cent increase in the number of new issues on the same period last year. Fundraising activity also returned to bumper levels, with new--investment totalling 492 million [pounds sterling]--a huge increase on the first three months of 2003, which saw investment levels totalling only 21.4 million [pounds sterling]. The average daily volume and value of shares traded on AIM has also reached record levels.

Philip Secrett, corporate finance partner at Grant Thornton, told Financial Management that AIM's upturn represented a clear indication of economic recovery. "A renewed sense of buoyancy and optimism, coupled with the fact that the market is now larger, has helped AIM to reach record trading levels," he said.

The return in confidence is being matched by a more prudent attitude, according to Secrett, who believes that investors are making more sensible...

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