IG clients pounce on market turmoil triggered by China and GreeceComments Off on IG clients pounce on market turmoil triggered by China and Greece
Clients at the UK’s biggest spread-betting company, IG Group, sprang into action this summer, hoping to profit from the market mayhem triggered by Greece’s debt crisis and China’s stock market rout.
IG’s traditionally quiet first quarter, covering the three months to the end of August, was anything but, with revenue up 24% to £106 million and active client numbers up by almost a fifth.
The company, which earlier this month opened its first office in the Middle East, said new client recruitment had been strong thanks to the market volatility and its marketing efforts. First trades were up 50% year on year.
Activity levels were highest in the second half of August, when the Shanghai Composite index suffered “Black Monday” — its worst sell-off since 2007 — and markets around the world tumbled in response.
IG said its strong start to the year “positions the business well to deliver against full year expectations”, but it was too soon to tell if conditions for the rest of the year would work in its favour.