STOCKS NEWS EUROPE-IG Group up; sees FY profit up

Shares in IG Group (IGG.L) gain 9.2 percent after Britain's biggest spread-betting firm says it expects a 29 percent rise in full-year profits on the back of higher fourth-quarter revenues, leading Panmure Gordon to repeat its "buy" rating.

"Core markets have returned to growth, bad debts have remained under control and performance in new markets remains strong, though Japan remains a concern," says the broker, which estimates EPS of 23.79 pence for 2009.

Numis says the update beat its expectations and anticipates upgrading its EPS and pretax profit forecasts by around 8 percent.

The broker also expects to raise its current target price of 230 pence given earnings upgrades.

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