24th Jun 2016 14:16
LONDON (Alliance News) - IG Group PLC on Friday said it managed its operations and exposure "very effectively" through the night and into the day, as the UK found out that voters had decided to leave the European Union.
IG, which provides derivative products for retail customers to bet on financial markets, said that although very early in its financial year, it is performing in line with expectations.
"IG's emphasis has been on assisting clients through this period of uncertainty, through measures both ahead of and during the event. The financial markets may remain unpredictable for some time to come and IG will continue to monitor and manage exposures and client positions very carefully," the company said in a statement.
The statement indicated that IG did not suffer the sort of losses incurred in January 2015, when the Swiss National Bank caught markets out by removing its long-standing ceiling against the euro. The sharp rise in the value of the franc that followed prompted IG to take GBP28 million of losses net of recoveries.
IG said it will report results for the year ended May 31 on July 19.
Shares in IG were down 3.8% at 808.50 pence Friday.
By Samuel Agini; [email protected]; @samuelagini
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