UPDATE 1 — The North West’s listed companies added £2.1 billion to their stock market values in the second quarter of 2017, according to Deloitte.
The 5% growth saw the total value of the region’s listed firms rise from £41.6 billion in Q1 2017 to £43.7 billion in Q2.
Statistics from Deloitte’s latest North West Share Index also show that the region’s listed companies have continued to outperform London’s, with the FTSE All Share rising by 3.9% over the last three months.
This builds on the latest UK Powerhouse report, which showed that the economies of both Manchester and Leeds have grown faster than London since 2014.
The latest quarter has been particularly strong for the North West’s smaller companies, with the value of those listed on the Alternative Investment Market (AIM) jumping 20% to £13.8 billion.
In particular, online fashion retailer boohoo.com saw significant growth in the three months to June 30.
In contrast, the North West’s largest companies — those listed on the FTSE350 — suffered a minor dip, with their total value slipping to £29.9 billion, a £181 million decrease.
Chris Robertson, partner and head of plc activity at Deloitte in the North West, said: “While we would have expected to see increased market volatility in the three months running up to the election, it is encouraging that the region’s listed businesses have continued to build on their strong start to the year.
“SMEs are the driving force behind the North West economy, which has led to Manchester outperforming the capital both in GVA growth and on the public markets.
“The expected devolution of powers will control our own spending, while the investment in transport and infrastructure will further improve connectivity and economic growth in the region.
“From the Baltic Triangle in Liverpool hosting some of the nation’s most ambitious tech companies, to the National Graphene Institute in Manchester being the home of advanced manufacturing, the North West has enormous potential to continue to grow in future.”