Close Brothers, the London-based investment bank, avoided the worst of the market downturn in the first half of its year, as gains from securities trading helped to offset steep declines in revenue from corporate finance and asset management.

Pre-tax profit fell 45 per cent to £38.5m in the six months ending in January, marking the fourth straight semi-annual decline. Diluted earnings fell from 31.1p to 17.2p a share. But the company maintained its 13.5p interim dividend and the shares rose 39½p, or 8 per cent, to 532p.