JPMorgan Chase ups stake in Plus500 to 9% as shares continue to rise

Global investment bank JPMorgan Chase & Co. (NYSE:JPM) has made filings to the London Stock Exchange indicating that it has increased its stake in retail Forex and CFD broker Plus500 Ltd (LON:PLUS) to 9.0%, up from 7.5% previously.

JPMorgan now holds directly 10,330,061 Plus500 shares, worth £67.8 million (USD $96 million).

Plus500 shares have been on a tear ever since its planned acquisition by the parent of rival broker, online gaming giant Playtech PLC (LON:PTEC), was called off late last year when Playtech was unable to get regulatory approval for the deal. Plus500 shares had been hovering around the £4-per-share acquisition price for a number of months, but since the Playtech deal was canceled they’ve steadily risen more than 50%, sitting now at £6.56.

Since year-end Plus500 reported fairly healthy Q4 results with quarterly revenues at $67.7 million, a new CEO and CFO, resumed onboarding customers to its UK subsidiary, and a respected industry research survey confirmed its strong position in the UK CFD trading sector. Investors seem to be cheering the changes and results.

Plus500 share price Mar2016

Plus500 share price, past 3 months. Source: Google Finance.

To see the JPMorgan filing to the London Stock Exchange re its Plus500 stake click here.

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