Shares of FCA regulated online broker London Capital Group Holdings plc (LON:LCG) went on a wild ride Friday, trading at one point at nearly 63% above Thursday’s closing price of 5.13p.
LCG shares hit 8.38p mid-day, before retreating in the early afternoon Friday to 6.00p as of the time of writing, still up 17% on the day.
LCG’s trading volume of 2.68 million shares during the day (so far) is well above the company’s normal volume of about 300,000 shares daily.
LCG issued a statement indicating:
The Board of Directors of LCG notes the movement in the Company’s share price today and confirms that it knows of no reason for the price movement. As referred to in the Company’s results announced on 29 April 2015, the Group will be seeking to increase its level of regulatory capital in the short term in order to take proper advantage of its new platform and to support the future growth of the business.
LCG recently completed a number of investments including a relaunch of its brand and trading platform and changeover in senior management ranks and – as the company’s statement indicates – is preparing to raise more money to support what it expects to be more growth in its business. But as per the statement, that isn’t exactly new news.