IGG – nice market reaction

Spreadbetter/stockbroker IGG issued a Q3 revenue update today, sending the shares up 5.1% to 860p.

Revenues were up 30% against comparables. Blimey.

> Following its call for evidence in the early part of the year, it is > expected that ESMA will soon publish measures to restrict the > marketing, distribution or sale to retail clients of CFDs. IG > continues to believe that any financial impact from the implementation > of such measures is unlikely to be significant in FY18.

As you may recall, I was looking for alternative brokers after IGG were introducing quarterly charges. Interactive Investor, which took over TD Waterhouse, also introduced charges late last year, so I decided to move my ISA to IGG. I do enough dealing on both my ISA and regular IG account that the dealing charges are fully offset by the quarterly charges. Just to be clear, the quarterly charges are, in effect, a no-activity fee, against which dealing charges are offset.

I bought back into IG shares at the beginning of Feb, at 765p. It had a Stockopedia Stock Rank of 97, and made it onto the O’Neil CANSLIM Growth screen. It looked a good bet, which has indeed turned out to be the case.

You may recall that I bailed out of IGG at a lower price. I can’t find details of the date or price offhand; suffice it to say that it was a boneheaded move on my part.


About mcturra2000

Computer programmer living in Scotland.
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