Investors ploughed £6.3 billion of extra money into the markets through trading platform Hargreaves Lansdown since January as they hunted for bargains during the coronavirus shares meltdown.
The surge in activity triggered record trading volumes for the company as 94,000 new customers piled in.
They chose the HL platform despite negative publicity over its failure to stop recommending clients invest in the disastrous Woodford funds last year.
Shares in HL shot up 7% on the news, which it released in a trading statement today.
While the impact of the covid-impacted market volatility is muddied by the traditionally busy end-of-tax year and the post-election so-called Boris bounce, most of the flood of cash is likely to have been inspired by bargain hunting during the March market fall.
The surge in retail investors’ money came in stark contrast to the sluggish conditions last year.
A net total of £6.3 billion of new money came in since the start of January – nearly £1 billion more than analysts had expected.
Chief executive Chris Hill said: “During this exceptionally volatile and challenging period, Hargreaves Lansdown has performed strongly.”
See Hargreave Lansdown's investors most popular share buys here.
