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FTSE 100 rises but and spread betting firms dive on FCA plans FTSE 100 rises but spread betting firms dive on FCA plans
(about 4 hours later)
Shares in financial spread betting firms have plunged by a third after the Financial Conduct Authority (FCA) proposed stricter rules for the sector.Shares in financial spread betting firms have plunged by a third after the Financial Conduct Authority (FCA) proposed stricter rules for the sector.
The FCA said it was concerned that many retail investors buying "contract for difference" products did not understand them adequately.The FCA said it was concerned that many retail investors buying "contract for difference" products did not understand them adequately.
It also noted that 82% of clients lost money on the products.It also noted that 82% of clients lost money on the products.
In the FTSE 250, shares in both CMC Markets and IG Group Holdings sank by more than 30%. In the FTSE 250, shares in both CMC Markets fell 33% and IG Group shed 38%.
Meanwhile Israel-based Plus 500 saw its shares drop 35% after it said the FCA proposals would "have a material operational and financial impact" on its UK regulated subsidiary, which accounts for about 20% of the group's revenues. Meanwhile Israel-based Plus 500 fell 28% after it said the FCA proposals would "have a material operational and financial impact" on its UK regulated subsidiary, which accounts for about a fifth of revenues.
The benchmark FTSE 100 index was up 13.86 points at 6,760.69. The benchmark FTSE 100 index was up 33 points at 6,779.8 points.
Banking shares helped to lift the index, with shares in HSBC climbing 3.2% after Morgan Stanley upgraded its rating on the company to "equal-weight" from "underweight". Banking shares helped to lift the index, with shares in HSBC climbing 4.3% after Morgan Stanley upgraded its rating on the company to "equal-weight" from "underweight".
Shares in Drax Group jumped 15% after the power producer said it planned to buy energy supplier Opus Energy for £340m. Drax also announced it would buy four gas turbine projects. RBS topped the leader board with a 5.7% rise, followed by Barclays, which closed up 4.6%.
On the currency markets, the pound edged up 0.1% against the dollar to $1.2737, and rose 0.5% against the euro to €1.1883. Shares in Drax Group ended 8.1% higher after the power producer said it planned to buy energy supplier Opus Energy for £340m. Drax also announced it would buy four gas turbine projects.
On the currency markets, the pound fell 0.15% against the dollar to $1.2714, and rose 0.25% against the euro to €1.1854.