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MARKET REPORT: Budget jitters hit shares of online trading firms By Jon Hopkins Updated: 18:22 EDT, 29 October 2024 e-mail View comments Online trading platforms suffered a pre-Budget sell-off yesterday amid fears over the contents of the Chancellor’s red box. While businesses and households have much to fret about – from higher employer national insurance contributions to a hike in bus fares – firms such as CMC Markets and IG Group were hit by speculation over what might happen to capital gains tax. Keir Starmer last week sparked outrage when he insisted that anyone who owns shares is not a ‘working person’ – the implication being they are fair game for a revenue-hungry Treasury.
Raising capital gains tax on share sales would mean less profit for investors – and less incentive to invest. Budget threat: Online trading platforms such as CMC Markets and IG Group were hit by speculation over what might happen to capital gains tax CMC fell 5.3 per cent, or 17p, to 302p, and IG Group lost 3.
3 per cent, or 30.5p, to 895.5p.
Rivals Plus 500 (down 4.2 per cent, or 102p, to 2326p) and AJ Bell (down 2.5 per cent, or 11.
5p, to 454p) also struggled. As investors nervously awaited the Budget, the FTSE 100 index slipped 0.8 per cent, or 66.
01 points, to 8219.61 and the more domestically focused FTSE 250 lost 1 per cent, or 212.31 points, to 20,622.
79. Education-focused publisher Pearson said it is starting to see commercial benefits from artificial intelligence as it reported a rise in third-quarter sales and reiterated its full-year outlook. Pearson said underlying sales growth was 5 per cent in its latest quarter, which comprised growth across all its divisions.
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Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account The third quarter number represented an improvement on the first and second quarters, as growth was 3 per cent in the year-to-date. Stock Watch - YouGov In a big election year, polling firm YouGov rewarded its shareholders with a hike in its full-year dividend after reporting a 30 per cent leap in annual revenue. That revenue boost came courtesy of buying German market research company GfK’s Consumer Panel Services.
However, higher staffing and technology costs took a toll on margins and its annual pre-tax profit dropped by 91 per cent to just £4million. YouGov shares surged 15.6 per cent, or 62p, to 460p.
Chief executive Omar Abbosh said the firm would be accelerating its AI capabilities across the business. Shares in Pearson gained 4.3 per cent, or 46.
5p, to 1118p. Asia-focused financials were prominent among the blue-chip gainers, supported by a positive read across from global banking giant HSBC’s strong third-quarter results. HSBC was among the top FTSE 100 risers, up 3.
1 per cent, or 21.6p, to 713.7p, fellow lender Standard Chartered added 1.
2 per cent, or 10.6p, to 876.4p but insurer Prudential inched down 0.
5 per cent, or 3p, to 649p. Heavyweight miners were also higher as metal prices rose with Chilean copper group Antofagasta rose 0.4 per cent, or 8p, to 1815p, Anglo American took on 0.
8 per cent, or 20p, to 2483p, and Rio Tinto ascended 1.1 per cent, or 54p, to 5131p. On the second line, Elementis was among the FTSE 250 risers, gaining 0.
3 per cent, or 0.4p, to 138.6p as the speciality chemicals business delivered an improved performance in the third quarter and said it was well positioned to deliver a full-year financial performance in line with expectations.
Away from results, wealth manager St James’s Place shed 2.8 per cent, or 23.5p, to 825.
5p as analysts at Bank of America downgraded their rating to neutral from buy after cutting their price target. Chip wafer maker IQE tumbled 20.4 per cent, or 2.
98p, to 11.62p as it revealed that Americo Lemos had stepped down as its chief executive. Jutta Meier becomes interim chief executive in addition to her chief financial officer role.
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