Daniel Stewart in deal to diversify into Middle East markets

Daniel Stewart today unveiled a joint venture that should help it to tap into the lucrative Middle East market.

The AIM-listed stockbroker is linking up with Clarkson Capital Markets, a boutique investment bank that specialises in shipping, as it looks to expand.

Daniel Stewart chief executive Peter Shea said: "Given the tough global economic conditions, we believe it is important not only to diversify our offering to our clients but also to enhance out geographic footprint."

CCM has headquarters in Dubai but also has offices in London, New York and Houston.

Added Shea: "This agreement gives us access to high quality research and investment banking capabilities in the transport, maritime and energy sectors."

Daniel Stewart shares opened today at 1.12p, at which price the firm is valued at £5.7 million.