Recommended NZ | Guide to Money | Gimme: Competitions - Giveaways

CMC Markets Plc Delivers Strong Result

Contributor:
Fuseworks Media
Fuseworks Media
CMC Markets Plc Delivers Strong Result

1 December 2008 - CMC Markets NZ Performs Well

CMC Markets Plc has benefited from the high levels of volatility in financial markets with record numbers of activity reported.

Sargon Elias, general manager CMC Markets New Zealand said the New Zealand CFD market was also experiencing very high levels of activity with October seeing a phenomenal amount of trading on the New Zealand Dollar.

In one week in October the total trade count was 33,516 and the turnover was in excess of NZD$1.44bn across all instruments. This is a 40% increase on CMC's normal weekly activity levels here in New Zealand.

"Despite turbulent times on global financial markets clients trading in CFDs can make money even when markets fall."

For the six months to 30 September 2008 CMC Markets Plc reported a monthly average of 2,128,833 trades with a value of US$138bn. The second half of the financial year started very strong with 3,652,852 trades valued at US$174bn and a record high for new client up-take.

Elias explained that the CMC group has continued to optimise their global platform to take advantage of growth opportunities and deliver efficiently to clients, positioning CMC for its next phase of growth.

"The NZ market is continuing to grow and mature, we are seeing many traders who understand trends and how to leverage their funds in the market regardless of current economic conditions.

"With the expected Reserve Bank's interest rate cut on the 4th of December, which will likely be large, traders are showing a huge amount of interest in for example the NZDUSD. This highlights the technique of using future economic decisions to predict what will happen in the marketplace, this is even more relevant with the current global turmoil" concluded Elias.

All articles and comments on Voxy.co.nz have been submitted by our community of users. Please notify us if you believe an item on this site breaches our community guidelines.