Salem Radio Network News Friday, December 9, 2022

Business

Trading platform CMC sees higher half-year profit on market volatility

(Reuters) -Online trading platform CMC Markets Plc said on Thursday it expects its interim profit to be ahead of last year, as client trading volumes increased in August and September on the back of volatile stock and foreign exchange markets.

Stock market volatility as expressed by the Cboe Volatility Index – known as “Wall Street’s fear gauge” – climbed to a two-month high in September and volatility in the sterling last week surged to its highest since the Brexit referendum.

CMC, which through its platform enables clients to trade up to 10,000 financial instruments, said it sees leveraged gross client income to be 22% higher in the six months ended Sept. 30, 2022.

The company now sees its half-yearly net operating income to come in at 153 million pounds ($173.44 million), compared with 127 million pounds a year earlier.

($1 = 0.8821 pounds)

(Reporting by Sinchita Mitra in Bengaluru; Editing by Sherry Jacob-Phillips)

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