(Reuters) -Shares in British trading platform CMC Markets fell 10% as its muted forecast fell short of investors' heightened expectations following upbeat projections from industry peers. The company
CMC Markets Shares Plunge Amid Disappointing Forecast
(Reuters) -Shares in British trading platform CMC Markets fell 10% as its muted forecast fell short of investors' heightened expectations following upbeat projections from industry peers.
The company said it was on track to meet its annual net operating income target, even as its rivals have benefited from increased market volatility and higher client activity.
CMC's London-listed peer IG Group posted a 30% rise in its first-half profit on Thursday, while Plus500 last week forecast annual revenue ahead of market view.
Shore Capital analyst Vivek Raja said in a note the recent rise in CMC shares had led the market to expect a more positive update and more details on the progression of its partnership with fintech firm Revolut.
Shares in CMC were down 9.4% at 240 pence at 0914 GMT, making the stock the top percentage loser on the FTSE 250 index.
Firms such as CMC benefited from periods of high trading and volatility in 2024 because of uncertainties around global monetary policy easing and geopolitical tensions.
Speculative trading in assets such as cryptocurrencies and commodities along with the prospect of tariff wars under the Trump administration contributed to the market turmoil.
CMC said in a very brief trading statement that it was confident of meeting its cost forecast of about 225 million pounds ($276.8 million).
($1 = 0.8130 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Sherry Jacob-Phillips and Saumyadeb Chakrabarty)
