Market Report - Jan 2004

London Stock Exchange Plc
10 February 2004


MONTHLY MARKET REPORT                   10 February 2004
FOR JANUARY 2004                           MR31 - 01.04


                        STRONG START TO TRADING IN 2004


Trading in 2004 began strongly with the number and value of trades in January
increasing year on year across most of the London Stock Exchange's markets.


January 2004 was the strongest month yet for trading on EDX London with 2.24
million contracts traded.  This was an increase of 27 per cent on the previous
high in October 2003.


The value traded on SETSTM, the Exchange's electronic order book, was £75.4
billion during the month, rising from last year's value of £62.1 billion.  The
total number of trades on SETS reached an all-time high of 3.37 million in
January 2004 - a 17 per cent increase year on year.  Included in these figures
were 220,481 SETSmm trades worth £3.0 billion, a healthy increase on the 131,884
trades worth £1.6 billion recorded in December.  The average daily number of
trades on SETS rose to 160,521 from 130,806.


There were 4.76 million UK equity trades on the Exchange in January 2004, up 22
per cent on the total of 3.91 million equity trades in January 2003.  The total
value of UK shares traded in January 2004 was £209.7 billion, up from £148.7
billion last year.


The number of international equity trades fell from 1.16 million trades in
January 2003 to 968,082 trades in January 2004, a decrease of 16 per cent.  But
the value of these trades was £210.2 billion compared to £177.1 billion in
January 2003.


On the primary market, there were 11 new issues during January 2004, one on the
Main Market and ten on AIM (three of which were IPOs) raising £84.32 million
between them.   This was down from the 14 new issues seen in January 2003.


There were 21 business days in January 2004 compared with 22 days in January
2003.


                                    - Ends -

For further information, please contact:

Press Office               [phone]


Notes to editors:

•   About the London Stock Exchange:

The London Stock Exchange is one of the world's leading equity exchanges and a
leading provider of services that facilitate the raising of capital and the
trading of shares.


The London Stock Exchange is the most international equities exchange by trading
in the world and Europe's largest pool of liquidity.  By the end of 2003, the
market capitalisation of UK and international companies on its markets amounted
to £3.3 trillion, with £3.6 trillion of equity business transacted over the
year.


The London Stock Exchange is a Recognised Investment Exchange (RIE) under the
Financial Services and Markets Act 2000 and is supervised by the Financial
Services Authority.


•  SETS - the electronic order book.


It is over six years since the launch of SETS and the service continues to go
from strength to strength. Overall, the market is benefiting from tighter
spreads and greater liquidity. Usage of SETS continues to grow, as shown by
recent record increases in the number of orders entered, the number of firms
using the order book and order book share of business.


Indices are calculated and managed by FTSE Group, a world-leader in the creation
and management of global equity indices. The FTSE Group is jointly owned by the
London Stock Exchange and the Financial Times, but operates as a wholly
autonomous company.


For information about the company or any FTSE indices, please contact
[e-mail]


IPO - when a new company joins our market raising money.  This excludes
transfers and introductions (a company that joins a market without raising
money).


•  SETSmm


SETSmm is the Exchange's new trading service for FTSE 250 and other leading non
order book securities.  By combining the best features of the existing SETS and
SEAQ trading services, SETSmm appeals to market users who want to trade
electronically, as well as those customers who use the market making system.


•  Retail Trading Figures


Retail trading figures are available from our website at - 
http://www.londonstockexchange.com/trading/retailtrade.asp

Figures are available from November 2002 to date.

LONDON STOCK EXCHANGE

FACTSHEET FIGURES

January 2004

                                              2004                             2003

DOMESTIC EQUITY TRADING                 Month     Year to date           Month    Year to date

Equity Trading Value £m               209,749          209,749         148,712         148,712

Number of Equity Bargains           4,763,719        4,763,719       3,907,217       3,907,217

INTERNATIONAL EQUITY TRADING

Equity Trading Value £m               210,245          210,245         177,146         177,146

Number of Equity Bargains             968,082          968,082       1,156,449       1,156,449

ORDER BOOK TRADING

Order Book Value £m                    75,431           75,431          62,147          62,147

Order Book Bargains                 3,370,940        3,370,940       2,877,723       2,877,723

                                           January 2004                     January 2003

DOMESTIC MARKET CAPITALISATION £bn                       1,367                           1,055

TOTAL NUMBER OF COMPANIES                                2,681                           2,815

UK List                                 1,548                           1,694

Foreign                                   376                             416
                                
AIM                                       757                             705
                                
techMARK                                  176                             209
                                

                                              2004                             2003

MONEY RAISED £m                            Month     Year to date           Month    Year to date

UK & AIM  New Issues                          84               84              26              26
                                              
Further, Rights and Other                    988              988             170             170
                                             
Bonds Warrants and Fixed                  16,609           16,609           5,680           5,680

International New Issues                       -                -               -               -
                                            
Further, Rights and Other                     91               91               -               -
                                              
Bonds Warrants and Fixed                   8,586            8,586           9,064           9,064

COMPANIES ADMITTED                            11               11              14              14

                      This information is provided by RNS
            The company news service from the London Stock Exchange