Online broker CMC sounds profit warning as market volatility eases
Sept 2 (Reuters) – Online trading platform CMC Markets (CMCX.L) cut its annual earnings outlook by up to 80 million pounds ($110.24 million) on Thursday as reduced market volatility resulted in lower transaction volumes across new and existing clients.
CMC, which facilitates the trade of complex financial instruments, had raised its outlook multiple times this year as a retail trading boom and market volatility fuelled volumes across the sector.
But those levels have eased as government stimulus measures and vaccinations have quelled fears about the pandemic’s impact on growth, with the CBOE volatility index (.VIX), or Wall Street’s fear gauge, settling at about 16.11. It hit a peak of…