It looks like the market was looking for a little more from a trading update from IG Group Holdings Plc (LSE:IGG), the financial markets and trading specialist.
The shares fell around 7% early in Wednesday's session after the company confirmed that its results would be in line with the market’s expectations for the current financial year.
It updated on performance in the third quarter, stating that revenues had grown by 5% year-on-year to £758.4mln.
IG described this as a ‘good’ performance against a backdrop of a quieter market.
A 50% increase in turnover from its ‘high-potential markets’ business to £151.5mln underlined the success of its diversification strategy, investors were told.
At 9.30am, IG shares were off 54.5p at 717.5p, valuing the business at just under £3bn.
The consensus price target is 1,077p. Of the seven banks and brokerages logged as following IG, six are positive on the stock.