Plus500 just issued a trading update which outlines the record performance of the company in the final months of the year, which is ending well too. The events of the past couple of weeks are playing a positive role for the firm.
Just as we reported yesterday that some brokers are having a great month thanks to stock market volatility, Plus500 officially confirms the news. There is little doubt that regardless of the leverage traders are using, five percent daily stock market moves are a very healthy development for a broker’s bottom line.
Plus500 references the “strong momentum” it mentioned in a November 20th trading update and shares that it carried forward. The performance of the company is stated to have been “maintained through to the year end”.
The calendar year is expected to be better than previously thought. The Israeli brokerage is also continuing to implement its buyback program and has closed the year higher when compared to its publicly listed peers.
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Through Crypto and Leverage
Another very positive development for the company has turned out to be the burst of the cryptocurrency bubble. The momentum that was added to the company’s top and bottom lines in the first half of the year was a direct result from the deflation of the crypto bubble.
Commenting on the news, Chief Executive Officer of Plus500, Asaf Elimelech, said: “2018 was a landmark year for the Group, during which Plus500 was admitted to the Main Market and joined the FTSE250 Index.”
The company’s focus going forward is to continue expanding its share in its current markets, said Elimelech. Rapid growth in new jurisdictions has also been touted as a focal point.
Regardless of whether the company maintains the momentum into 2019, one thing is clear. This year has been the best by far for Plus500 despite all of the market headwinds which the industry faced.
The announcement comes a day after US stock markets broke a number of records. The Dow Jones Industrial Average closed over 1000 points higher last night.