It is not easy to keep gaining ground when you are already the market leader.
However leading UK spreadbetting broker IG Group Holdings plc (LON:IGG) seems to be doing just that.
With both UK equity markets and the GBP responding nicely to the re-election of David Cameron’s Conservatives, shares of IG Group hit their highest level ever during Friday trading at £7.90, settling back a little to close at £7.69 – still up more than 4% on the day, and IG’s highest ever closing price. IG shares had closed at £7.60 just before the events of January 15 shocked the currency markets, leaving IG with about £18 million ($27 million) of losses due mainly to negative client balances.
At its current share price IG’s valuation now tops £2.8 billion ($4.3 billion).
IG’s fiscal year-end is coming up in a few weeks, at the end of May. It seems as though investors have increasingly bullish expectations.
IGG share price, past 12 months. Source: Google Finance.