Global equity market deals top US$500b

London

MONEY raised in global equity capital markets (ECM) rose in the first half of the year to top US$500 billion, but bankers' fees fell as secondary share sales supplanted lucrative stockmarket listings as the dominant deals.

The rise in secondary sales was partly down to private equity funds taking the opportunity to sell down stakes in companies that floated last year, following the expiration of "lock-up" periods when shares cannot be sold, analysts said.

They also said a rise in M&A activity had led to some firms that had planned listings this year inst…