IG Group Holdings Plc shares plunged the most in almost a decade after the London-based retail trading firm reported a slump in third-quarter revenue. Sales for the quarter are expected to be about £240 million ($317 million), a 14% drop compared with the same period a year ago. The stock fell as much as 27%, the steepest intraday decline since December 2016.
IG expects total revenue growth for the year in a mid-single-digit percentage range. The company attributed the decline to challenging market conditions affecting retail trading volumes. Despite the short-term slump, management remains focused on long-term strategy and market positioning.
Investors reacted negatively to the revenue miss, reflecting broader concerns in the sector. The firm's performance highlights the volatility facing financial services companies in the current economic climate.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing