RE: Red Braces Brigade6 Jun 2020 20:57
To all my followers of PLUS, I am feeling a little sorry for the lack of performance lately. I think it will improve soon, if not then I will drop and give you 10.
It was on the leader board of stocks yesterday in a bad way, with -5.6% change. “Traders cashing in on stocks that have outperformed” was the reason given.
From information in The Times today…”Who’s doing well out of lockdown”
Spread Betters:
Buisiness has boomed for the City’s spread-betting companies as traders have tried to profit from the big market swings that the pandemic has caused.
IG, CMC and PLUS have all reported jumps in revenue in recent months as they benefit from customers scrambling to trade.
The latest to publish numbers was IG, the oldest spread-betting firm which on Thursday said that net trading revenues during the three months to the end of May had more than doubled from £117.9m in 2019 to about £259m.
The company had said in April that staff bonuses for the year would rise to about £42m from £25m a year, earlier because of its strong performance.
PLUS500 figures also give a glimpse into the losses that some customers have endured trying to predict the markets. This is because the group’s business model allows it to make money from its clients’ losses.
These losses contributed about $82.3m of the $316.6m in revenues that PLUS500 generated in the three months to the end of March. Its revenues were up 487% year-on-year.
Other City firms to have thrived on the increased trading activity this year include Tp Icap, the interdealer broker acts as a middleman in trades, and HL and AJBell, the retail investment platforms.
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