CMC Markets tumbles after very short update
By Michele Maatouk
Date: Thursday 23 Jan 2025
(Sharecast News) - Shares in CMC Markets tumbled on Thursday after the trading platform issued a very brief trading update, saying it remains on track to deliver annual net operating income in line with previous guidance.
In an update for the period from 1 October to the end of December 2024, the company also said it was still set to meet its costs guidance of about £225m, excluding variable remuneration and non-recurring charges.
At 1100 GMT, the shares were down 14% at 227.50p.
Shore Capital analyst Vivek Raja said: "The share price has been strong over the past couple of weeks, so to the extent the market was expecting a more positive trading update today (perhaps more news on how the Revolut partnership has progressed), we could imagine weakness today."
Shore has a 'hold' recommendation on the stock.
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