London has surpassed Paris as Europe’s biggest stock exchange, a major boost for the City.
London’s stock market is worth $2.888 trillion, compared with Paris’ $2.887 trillion.
The Square Mile has been overtaken by the French capital as the biggest trading centre in Europe for equities last year.
The London Stock Exchange has seen its value rise in recent months due to the surging oil price.
Paris is also struggling amid China’s economic downturn. Since April, nearly $270bn has been wiped from the market value of luxury brands like LVMH, L’Oreal, and Hermes.
This is a rare boost to the City’s Stock Market, which has been struggling amid a prolonged drought of deal-making. Several FTSE 100 Companies have also pledged to move their listings to New York over the past few months.
The British technology company Arm has also avoided London in favor of a bumper listing on the US market.
In recent years, the confidence in London’s market has declined as economic malaise and uncertainty in politics have led international investors to seek other markets.
The gap between Paris and London has shrunk significantly over the past decade, despite the fact that London has regained its lead.
The market value of UK shares was nearly $2 trillion higher in dollars terms at one point in 2014 when the pound was strong.
Brussels also conducted a raid in the Square Mile after Brexit. It told banks they had to move staff from London into the EU if their trading activities on the continent were significant.
Separately, London Stock Exchange Group reported Thursday that revenues for its equities division in the third quarter fell by 8.6pc due to “subdued volume on both primary and secondary market”.
The capital markets division’s turnover grew by more than 6pc.
David Schwimmer, LSEG CEO, stated: “LSEG delivered yet another quarter of strong growth, based on a broad basis. Our capital markets revenue accelerated in third quarter.”
In early Thursday trading, shares of LSEG increased by 1.5pc to £82.