Online broker Plus500 raises profit expectations again as trade war nerves create volatile market
Online broker Plus500 has raised its profit forecast for the second time this year, as it said market volatility caused by fears of a US trade war had boosted trading in quarter two.
The update comes weeks after the platform for amateur traders graduated to London's main market from Aim after the company said it was on course for a better-than expected year in June.
"Plus500 has performed strongly in the half year period and we are pleased to announce a material increase in expectations for the full year," said Asaf Elimelech, chief executive officer.
"Despite more normal trading conditions, we continue to benefit from new customers acquired over recent periods trading a wide range of instruments."
When it raised its profit forecast last month, Plus500 said business had been helped by high levels of trading in cryptocurrencies like Bitcoin and Ethereum.
The online broker's share price has nearly tripled over the last year, although a tightening of European regulations on trading by amateurs could cause problems for the company.
Plus500 will release its half-year results in August.