The interdealer brokers were among the big fallers today after Tullett Prebon warned of lower revenues.
Tullett said:
The world's financial markets remain unsettled and the level of activity in the markets during the first quarter was at very similar levels to the same period last year. Activity slowed somewhat during April.
The underlying revenue run rate, adjusting for the closure of the six satellite offices in North America and at constant exchange rates, was 2% higher in the first four months of the year than in the comparable period a year ago. Revenue in the four months to April was £304m, 3% lower than reported for the equivalent period last year.
Peel Hunt cut its earnings forecasts by 8-9% on the back of that, and both Tullett and Icap are down this morning.
Tullett fell 5.5% to 395p, while Icap was down 3.9% to 489p.
