Paris Bourse overtakes London Stock Exchange as Brexit bites
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With a total market capitalisation of $3.13 trillion (£2.55tn), Paris’ bourse has grown its lead over the London Stock Exchange (LSE) as Europe’s largest stock market by $250bn (£204bn).
Since the UK voted to leave the European Union in 2016, company valuations have plunged along with the sterling. The volume of foreign acquisitions has gone up, while the appetite for new listings has lessened, according to data from Bloomberg.
Between November 2022 and March 2023, the market value of stocks in Paris has risen by more than 10%, while the LSE’s market cap has only grown by 2% to $2.9tn (£2.36tn).
The shift in the last decade is evident, as UK stocks were once worth almost $2tn (£1.63tn) more than French stocks in 2014.
The weak performance by the FTSE 100 and a procession of businesses snubbing the Square Mile for New York are among the reasons cited for London’s decline.
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