Trading firm CMC Markets yesterday reported a boost in profits as market volatility helped propel income by 21 per cent to £153.5m. The online brokerage, founded by Tory peer Lord Peter Cruddas, said pre-tax profits came in at £36.6m in the first half of the year, in line with analysts' expectations and up one per cent on last year. Trading levels were boosted in August and September as investors looked to profits from market turmoil globally. Lord Cruddas said the firm had recorded an "acceleration in activity" across its FX and commodities offering amid wild swings in the market. Despite the uptick in profits, increased investment costs revealed by the firm sent shares down 12.69 per cent.

(c) 2022 City A.M., source Newspaper