Value of European listings hits 10-year average

LONDON (AP) — In another sign that Europe's economy is turning the corner, a leading ratings agency has found that the value of new stock market listings in 2013 recovered to match the 10-year average.

Standard & Poor's says Tuesday that 13 billion euros ($16.6 billion) worth of new equity floated last year and that the revival is set to continue this year, barring any economic or market shocks.

The agency credits the advance on buoyant equity markets, pent-up demand from private-equity owners and optimism over the European economy's prospects.

It also found that business services companies and consumer-facing firms in sectors such as retail and leisure have been leading the revival.

Despite the advance, the value of IPOs was still way down on 2007's 10-year peak of 36 billion euros.

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