Decent results out today and a good divi 11p (not checked the cover yet though), has and should benefit from an up and down market.

Worth keeping an eye on perhaps, what do you think?

Without having to scroll back to find out, what was the reason for the dramatic drop in December please?

All briefly explained in post #119.

Thanks Harry.

A rather encouraging set of Interims this morning from IGG I think, also a major share purchase so I have dipped my toe in.

What do you think?

StockMarketWire.com
IG Group Holdings - a global leader in online trading - posts pre-tax profits of £105.2m for the six months to the end of November, 6.7% up on last time.

Net trading revenue rose by 14% to a record £244.9m while operating expenses were up 23%, with significant investment in effective marketing.

Profit after tax was £83.3 million, 9% ahead of the prior year (2016: £76.7 million), as the group's effective tax rate fell to 20.8% (2016: 22.2%).

Chief executive Peter Hetherington said: "This has been another good six months for the business, with record revenue, a new high in active client numbers and ongoing success in attracting and developing the next generation of traders.

"I am extremely proud of what we have achieved.

"The business once again proved the resilience of its operating model and its people, as it dealt exceptionally well with the short term volatility in the financial markets caused by two significant political events.

"IG is evolving and refining its offering to clients.

"Strategically, for some time, we have been shifting our emphasis to active financial trading and investing, deepening and broadening the relationship with our clients.

"In January, we received our licence from the FCA to offer an investments service to clients in the UK, in partnership with BlackRock, and intend to launch our smart portfolio ETF product in the UK in the near future.

"Also, as part of this evolution, we now offer clients our Limited Risk account, with an absolute guarantee that they can lose no more than their deposit - around half of the accounts in the UK are being opened on this basis.

"We have also taken the decision to no longer offer our Sprints binary product to new clients globally.

"We welcome the intentions of the FCA and other European regulators to improve consumer outcomes across the industry, and we believe that IG's Limited Risk account will play an important role in this.

"In delivering a sustainable business for over 40 years, IG has always sought, and will always seek, to operate to the highest regulatory standards.

"As the largest provider in the industry, IG is engaging with the consultation processes."

Seems pretty good Stan. I don't have any spare cash at the mo, so shan't be joining you. Still the regulatory cloud hanging over the industry, so could go either way, but could take forever for them to decide what to do.

Yes, I think that director buy swung it for me.

In and out for a respectable profit in 2 days, this one has possibilies I tell ya.

http://www.moneyam.com/action/news/showArticle?id=5487660 A Director taking a capital gain before ex-divi I assume.

RBC note today:
While our FY17E forecasts are broadly unchanged, we reduce our FY18E/19E EPS forecasts by 20%/12% mainly because we bring revenue/client down again, particularly in the UK (we still, however, forecast client growth, even in the UK). Thus, this remains a risk: should IG experience a contraction in the number of clients, the risk for our forecasts remains to the downside. It is our opinion that IG will be able to offset some of the anticipated revenue decline with cost reductions, and after growing underlying operating expenses by £32MM, or 13%, in FY17, we forecast underlying operating expenses to decrease by 5% in FY18, and then fall another 5% in FY19.

We do not believe that further analysing the pending regulatory change will provide any additional clarity. Unfortunately, this overhang will likely persist as (1) the final regulations are announced (spring 2017), (2) the regulations become effective (likely summer 2017), (3) IG reworks its product offering, and revenue and profits decline (H1/FY18), (4) financial performance stabilisation occurs (H2/FY18 at the earliest), (5) a financial recovery occurs (FY19 at the earliest). In addition, it is likely in our opinion that further adverse regulatory measures will be implemented in some of IG’s other operating geographies.

Price target increased 2% to 510p on higher valuation multiple. We still believe that a discount to IG’s historical forward trading multiple is warranted to reflect impaired earnings visibility and the potential for further adverse regulatory change. However, it is now our opinion that our FY18 forecasts are in the right ballpark (we still have low conviction in our FY19 forecasts), and thus we increase IG’s valuation multiple to 12x from 10x. We believe that a multiple between our previous valuation multiple (10x) and IG’s longer-term forward P/E multiple (15x) is now appropriate. We continue to incorporate surplus capital in our valuation.

The key reason we downgrade IG to Underperform is because our 510p price target is below the current share price, despite assigning IG a valuation multiple 20% higher than our previous multiple. We believe that the current share price has yet to fully reflect the numerous challenges the business will encounter. Our Underperform rating is based upon (i) regulation contagion to other geographies is likely, (ii) client contraction is possible, yet we do not forecast it, (iii) the dividend policy could be maintained, which would result in a dividend cut, and (iv) financial performance stabilisation and recovery could take longer than we envision.

Took advantage of this mornings dip to buy in again.

Advice required chartists, any comments on Igg at the mo?

Looks like a cross section of the digestive system, if that helps? ;o)

Thanks Harry as you say nothing to see there.

Black Rock add to their above 5% holding.

That chart looks ready to break one way or the other!

Well I hope you're right Skinny as I'm down on these.

Black Rock at it again

Black Rock go above 10% http://http://www.moneyam.com/action/news/showArticle?id=5516644

Trading statement http://http://www.moneyam.com/action/news/showArticle?id=5517997

Bit of a shock down 5%!