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Hargreaves Lansdown to top forecasts as GameStop frenzy boosts interest in US stocks

Published: 07:28 17 Mar 2021 GMT

Hargreaves Lansdown PLC -
Gamestop sparked an explosion in retail interest in January

Hargreaves Lansdown PLC (LON:HL.) said profits will top the market's forecasts as its customers continued to trade in exceptional volumes.

At the end of February, the wealth platform indicated activity had been very strong and confirmed today trading activity has continued with elevated volumes of share dealing since January.

An increased proportion of these have been from existing clients and directed towards international equities especially US stocks, Hargreaves added.

US stock markets have reached new highs recently and have seen a string of high-profile flotations while the end of January saw the Gamestop/Reddit retail investor frenzy. Record low interest rates have also seen people look for alternatives for their savings.

Profit before tax for the financial year ending 30 June 2021 should now modestly exceed the top end of broker forecasts that currently stand at a range of £334mln-£360mln, Hargreaves said.

Another trading update is scheduled for 13 May 2021.

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