Close Brothers rides volatility wave as virus fears, oil price war play out [Reuters (UK)]
CLOSE BROS GRP UNSP/ADR (CBGPY)
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Source: Reuters
Close Brothers rides volatility wave as virus fears, oil price war play out - Reuters 3 Min Read * Winterflood volumes hit record on Monday * Market volatility driven by virus fears, oil price crash * Half-year pretax profit at the unit grows 14% March 10 (Reuters) - UK lender Close Brothers said on Tuesday its market maker business has seen record volumes in the last few months as factors including the coronavirus outbreak and the oil price crash have translated to massive participation by traders. Greater market volatility tends to bolster profits at market maker businesses such as the Winterflood unit of Close Brothers, as investors turn portfolios around more frequently. Close Brothers’ comments followed a 9% drop in adjusted operating profit for the merchant bank to 125.7 million pounds ($163.9 million) for the six months ended Jan. 31, as business lending remained weak due to Brexit uncertainties. However, earnings at Winterflood, Europe’s largest market maker, jumped 14% to 10.
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