Plus500 shares hit £7, valuation hits $1.35 billion, JP Morgan ups stake to 7%

On a day equity markets were down big, CFD broker Plus500 sets another all-time high.

FCA regulated CFD broker Plus500 (LON:PLUS) continues to be a darling of the London Stock Exchange. Plus500 shares traded up 3.6% on Thursday, briefly crossing the £7.00 mark for the first time before settling to close at £6.98.

At its current share price Plus500 now carries a market value of £802 million, or about $1.35 billion.

Possibly prompting the latest runup was news that global investment house JPMorgan (NYSE:JPM) had increased its interest in Plus500 to 6.8%. We reported several weeks ago that JPMorgan had hit a 4% holding in Plus500, likely acquiring a good part of that stake as part of the recent £100 million share sale by Plus500 insiders. It is also likely that at least some of the shares are being held by JPMorgan for their own clients.

Plus500 share price April 2014

Plus500 share price chart since IPO in July 2013. Source: Google Finance.

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