Plus500 stock is set to be officially listed on the FTSE 250 Index on Monday, September 24. The announcement was made by FTSE Russell in its quarterly review that was published on Wednesday.
Whilst this is big news for the forex broker, it is not surprising. Back in June this year, Finance Magnates predicted this outcome after its stock started trading on the London Stock Exchange’s (LSE) main market for listed securities.
The FTSE 250 Index lists the largest 101 to 350 companies on the LSE. Changes to the index happen on a quarterly basis in March, June, September, and December. The firm has also been added to the FTSE 350 Index, FTSE 350 High Yield and FTSE AllShare Index.
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Plus500 originally announced that it was applying to move to the LSE’s main board in May this year. At the time the broker gave a number of reasons for the move, such as growth, diversification of funding sources, an effort to improve its stature and so on. With this in mind, the firm believed it was the appropriate time for the move.
Plus500 goes from strength to strength
During the first half of this year, the firm has gone from strength to strength. Not only did it experience a blowout first quarter with revenues and profits experiencing a triple-digit jump and a strong second quarter of this year, the broker reported that its earnings jumped by nearly threefold in the first half of 2018.
Although many brokers did experience a strong performance in the first half of 2018, the results from Plus500 definitely went above and beyond the industry trend. The spike in the broker’s revenues can be largely attributed to the cryptocurrency boom which saw the firm onboard a record number of clients in the fourth quarter of last year.
Whilst Plus500 has said that it doubts it can continue to produce such strong results, with the firm’s stock listing on the FTSE 250 Index, this will likely be a nice boost for the firm for its second-half results.