IG Group Holdings PLC

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UK Stocks Mixed as Oil Prices Tumble and Manufacturing PMI Eases

UK stocks turned in a mixed performance Monday morning as investors made cautious moves despite easing geopolitical tensions and a sharp drop in oil prices. The FTSE 100 edged down 2.70 points, or 0.02%, to 10,865.35, while Brent crude futures tumbled nearly 5% before recovering to $83.60 a barrel. AstraZeneca dropped 5.2% on reports of merger talks with Bristol Myers Squibb, and IG Group Holdings fell 5.6%. The S&P Global UK Manufacturing PMI eased to a four-month low of 51.9 in July from 52.5 in June, though it remained above the 50 mark for a ninth straight month.

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IG Group Acquires Underdog, Doubling US Revenue and Pausing Buybacks Until 2027

IG Group Holdings PLC reported a sixth consecutive quarter of sequential active customer growth and announced the transformational acquisition of Underdog, which doubles its US revenue and increases US active customers more than tenfold. Organic active customers rose 13% and organic first trades jumped 74%, driving a 17% increase in organic total revenue, including a 22% organic net trading revenue gain. The EBITDA margin declined to 43.9% from 49.6% a year earlier, reflecting consolidation effects, strategic review costs, and deliberate growth investment, while the company paused its share buyback program with a resumption expected only in 2027. The strategic review is substantially complete, with plans for a redomicile to Jersey and a refreshed organizational model. Management acknowledged significant regulatory uncertainty around the Underdog deal, including potential Supreme Court involvement and state-level challenges to prediction markets, but emphasized that the deal structure protects shareholders while rewarding the Underdog team for hitting aggressive growth targets.

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Digital Finance & Tokenization

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Mining and Finance Stocks Drive FTSE 100 to Record High

The FTSE 100 climbed to a fresh record high on Friday, led by gains in mining and financials sector stocks. The index advanced to 10,991.07, up 34.20 points or 0.31 percent at 10,931.47 nearly half an hour past noon. Natwest Group climbed 5.5 percent on strong second-quarter earnings, with profit attributable to ordinary shareholders rising 29.7 percent to 1.603 billion pounds. Among miners, Anglo American moved up 3.2 percent, while Antofagasta, Rio Tinto, and Glencore gained 2.2, 2.1, and 1.9 percent respectively. IG Group Holdings tanked nearly 11 percent after announcing a 1.3 billion dollar acquisition of U.S. fantasy sports operator Underdog and a pause in its share buyback programme.

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Defense & Geopolitical Fragmentation▼impact 4

European Shares Tumble As Hormuz Ceasefire Collapses

European stocks fell sharply on Wednesday after the collapse of the Iran ceasefire renewed Middle East tensions and stoked inflation fears. The pan-European Stoxx 600 slumped 1.7 percent to 635.27, with Germany's DAX down 2.2 percent, France's CAC 40 off 2.1 percent, and the UK's FTSE 100 losing 1.5 percent. Oil prices and bond yields surged after President Trump declared the ceasefire over and Iran's Revolutionary Guards said they targeted US military sites in Bahrain and Kuwait. Energy stocks rallied, with BP up nearly 4 percent and Shell advancing 1.7 percent as Brent crude rose above $76 per barrel. In corporate news, Vistry plummeted 10 percent after warning of a first-half loss, while IG Group fell 3 percent on plans to establish a new holding company in Jersey.

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IG Group proposes new Jersey holding company, issues trading update

IG Group announced a proposal to establish a new Group holding company incorporated in Jersey, to be implemented via a Court-approved scheme of arrangement effective in the fourth quarter of 2026. The Group's shares will remain listed on the London Stock Exchange and it will remain UK tax resident. Additionally, IG is streamlining its operating model by combining its UK & Ireland, Europe, and APAC & Middle East divisions into a single commercial business unit led by Michael Healy as CEO of IG Consumer, effective in the second half of 2026, while North America and Institutional remain separate. The Group expects first-half total revenue of approximately 643 million pounds, up around 18% on the prior year, and organic total revenue of approximately 624 million pounds, up around 16%. It also reiterated full-year guidance and expressed confidence in compounding organic total revenue at least 10% per annum on the 2025 base with EBITDA margins in the mid-40s percent range.

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