IG Group has become the latest City firm to benefit from the trading frenzy sparked by recent stock market turbulence amid fears of an all-out global trade war.
The online trading firm said it saw higher-than-usual levels of client activity throughout April, boosted by the market conditions.
“The business has performed strongly in the fourth quarter as elevated volatility across a range of asset classes, particularly in April, has resulted in higher levels of client trading activity than expected in typical market conditions,” according to IG Group.
It said revenues and profits are now forecast to meet – or slightly exceed – the upper end of expectations for the year to May 31.
The FTSE 250 listed group was previously predicted to deliver total revenues ranging from £1.03 billion to £1.05 billion, with underlying pre-tax profits of between £489.1 million and £516.3 million.
Trading and investment banking firms have been enjoying soaring business thanks to a boom in activity sparked by recent volatility in financial markets after US President Donald Trump unleashed a wave of trade tariffs at the start of last month.
Barclays saw its first-quarter profits surge by nearly a fifth as a result, reporting a better-than-expected 19% rise in pre-tax profits to £2.72 billion for the three months to March 31.
Income across its investment banking division soared by 16% to £3.9 billion as it cashed in on the trading conditions.
IG Group added that its recently acquired business, Freetrade, has “continued to trade well” since the deal completed on April 1.
The group is set to report full-year figures on July 24.
