IG reports spread of interest in oil betting

IG GROUP, Britain’s biggest spread-betting company, has said gambling on oil prices had replaced stock market movements as the favourite flutter.

The company, which owns IG Index and re-floated in London in May, said yesterday that customers had increasingly been turned off the stock market because of a lack of volatility. In a trading statement, IG said current trading was strong as it posted a 40 per cent rise in underlying annual profit.

IG, which allows investors to speculate on currencies, interest rates, shares and indexes, revealed pre-tax earnings of £35.1 million in the year to the end of May. Turnover was up 25 per cent to £62.3m.

This entry was posted on Thursday, September 15th, 2005 at 9:46 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.