Lord Cruddas loses £20m as shares in CMC Markets tumble 10%
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Big hit: Tory peer Lord Cruddas
Tory peer Lord Cruddas saw £20m wiped off his wealth as shares in his spreadbetting company tumbled.
In a bleak update to the stock market, CMC Markets said it expects a drop in full-year profits following subdued trading by clients in August.
Shares in the company fell 9.7 per cent, or 11.8p, to 110.2p, cutting the value of the 62 per cent combined stake held by Cruddas and his wife Fiona by £20m to £190m.
The stock is now at its lowest level for four years, having fallen 80 per cent since its peak during the pandemic when trading boomed.
Trading platforms are struggling with a slowdown in client activity as market volatility eased from highs seen during Russia’s invasion of Ukraine last year and the Covid-19 pandemic.
The company said it expects full-year profits of £250m to £280m – lower than the £288.4m it posted last year.
Peel Hunt analysts said: ‘This is clearly disappointing, and is another reminder that CMC can suffer from periods of subdued trading activity.’