IG vs Nomura Holdings: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

IG Group Holdings PLC (IGG.LSE)

Q3 20268 Jul – 2 Oct 2026

▼2▲1

IG Group's US growth bet collides with weak trading revenue

Q3 revenue warning and outlook cut IG said Q3 revenue would fall 14% to about £240m because it kept less of customers' trading losses, and cut its 2026 growth outlook. Shares fell as much as 27%, as investors feared the core business is weakening.
This is the single biggest new driver of the share price this period.
Underdog acquisition and US pivot IG is buying US fantasy-sports firm Underdog for up to $1.3bn, doubling US revenue and boosting customers. But it paused buybacks until 2027 and faces regulatory fights in 16 states, so the promised growth comes with real risk.
The deal is the main strategic force behind the stock and explains both optimism and the sell-off.
Jersey redomicile and restructuring costs IG is moving its holding company to Jersey and reshaping its organisation, with about £30m of one-off costs expected in 2026. The move adds uncertainty and expense, and the stock fell 3% when it was first reported.
It is a new structural change that affects costs and investor perception.
Underdog shifts fully to prediction markets Underdog is giving up fantasy-sports licences in seven states to focus on prediction markets, which IG expects to be almost all of its business long term. That sharpens the US growth story, though state regulators remain a hurdle.
It shows how the acquired business is adapting and supports the long-term growth case.

August 20268 Jul – 2 Oct 2026

▼2▲1

IG Group's US growth bet collides with weak trading revenue

Q3 revenue warning and outlook cut IG said Q3 revenue would fall 14% to about £240m because it kept less of customers' trading losses, and cut its 2026 growth outlook. Shares fell as much as 27%, as investors feared the core business is weakening.
This is the single biggest new driver of the share price this period.
Underdog acquisition and US pivot IG is buying US fantasy-sports firm Underdog for up to $1.3bn, doubling US revenue and boosting customers. But it paused buybacks until 2027 and faces regulatory fights in 16 states, so the promised growth comes with real risk.
The deal is the main strategic force behind the stock and explains both optimism and the sell-off.
Jersey redomicile and restructuring costs IG is moving its holding company to Jersey and reshaping its organisation, with about £30m of one-off costs expected in 2026. The move adds uncertainty and expense, and the stock fell 3% when it was first reported.
It is a new structural change that affects costs and investor perception.
Underdog shifts fully to prediction markets Underdog is giving up fantasy-sports licences in seven states to focus on prediction markets, which IG expects to be almost all of its business long term. That sharpens the US growth story, though state regulators remain a hurdle.
It shows how the acquired business is adapting and supports the long-term growth case.

Latest8 Jul – 2 Oct 2026

▼2▲1

IG Group's US growth bet collides with weak trading revenue

Q3 revenue warning and outlook cut IG said Q3 revenue would fall 14% to about £240m because it kept less of customers' trading losses, and cut its 2026 growth outlook. Shares fell as much as 27%, as investors feared the core business is weakening.
This is the single biggest new driver of the share price this period.
Underdog acquisition and US pivot IG is buying US fantasy-sports firm Underdog for up to $1.3bn, doubling US revenue and boosting customers. But it paused buybacks until 2027 and faces regulatory fights in 16 states, so the promised growth comes with real risk.
The deal is the main strategic force behind the stock and explains both optimism and the sell-off.
Jersey redomicile and restructuring costs IG is moving its holding company to Jersey and reshaping its organisation, with about £30m of one-off costs expected in 2026. The move adds uncertainty and expense, and the stock fell 3% when it was first reported.
It is a new structural change that affects costs and investor perception.
Underdog shifts fully to prediction markets Underdog is giving up fantasy-sports licences in seven states to focus on prediction markets, which IG expects to be almost all of its business long term. That sharpens the US growth story, though state regulators remain a hurdle.
It shows how the acquired business is adapting and supports the long-term growth case.

Nomura Holdings, Inc. (8604.JP)

Q3 202617 Jun – 6 Aug 2026

▲4

Nomura's profit surges on trading boom and digital-asset expansion

Wholesale revenue running 30% higher Nomura said wholesale revenue is up over 30% year-on-year, led by equity products, as Tokyo Stock Exchange cash-equity turnover jumped 68% in 2026. That raises the odds Nomura beats the roughly flat 2.2 trillion yen revenue consensus, lifting the shares.
This is the first signal of a strong quarter and directly drives earnings expectations.
Record recurring revenue and 15.4% ROE in Q1 Nomura reported record recurring revenue of 59.2 billion yen and a 15.4% return on equity. Wealth management net revenue rose 9% to 145.4 billion yen, with record net inflows into recurring-revenue assets. Global markets revenue jumped 26%, led by a 41% surge in equities. This shows broad-based profit strength.
It confirms the strong quarter with record recurring revenue and high ROE, a key driver of the stock.
April–June net profit up 39% to 145.5 billion yen Nomura's net profit for the April–June quarter rose 39% year-on-year to 145.5 billion yen, beating expectations. All five major Japanese brokerages posted sharp profit gains, helped by rising interest rates, higher stock prices, and strong sales of investment products. This confirms a sector-wide upcycle.
The earnings beat is the headline number that directly moves the stock and validates the positive trend.
Digital-asset push: US trust charter and ZIG partnership Nomura's Laser Digital won conditional OCC approval for a US national trust bank charter, enabling institutional crypto custody. It also invested in crypto asset ZIG and will co-develop on-chain financial products for institutions. These moves expand future revenue but are early-stage and may take time to pay off.
It shows a new growth avenue in digital assets, though with longer-term impact.

July 202617 Jun – 6 Aug 2026

▲4

Nomura's profit surges on trading boom and digital-asset expansion

Wholesale revenue running 30% higher Nomura said wholesale revenue is up over 30% year-on-year, led by equity products, as Tokyo Stock Exchange cash-equity turnover jumped 68% in 2026. That raises the odds Nomura beats the roughly flat 2.2 trillion yen revenue consensus, lifting the shares.
This is the first signal of a strong quarter and directly drives earnings expectations.
Record recurring revenue and 15.4% ROE in Q1 Nomura reported record recurring revenue of 59.2 billion yen and a 15.4% return on equity. Wealth management net revenue rose 9% to 145.4 billion yen, with record net inflows into recurring-revenue assets. Global markets revenue jumped 26%, led by a 41% surge in equities. This shows broad-based profit strength.
It confirms the strong quarter with record recurring revenue and high ROE, a key driver of the stock.
April–June net profit up 39% to 145.5 billion yen Nomura's net profit for the April–June quarter rose 39% year-on-year to 145.5 billion yen, beating expectations. All five major Japanese brokerages posted sharp profit gains, helped by rising interest rates, higher stock prices, and strong sales of investment products. This confirms a sector-wide upcycle.
The earnings beat is the headline number that directly moves the stock and validates the positive trend.
Digital-asset push: US trust charter and ZIG partnership Nomura's Laser Digital won conditional OCC approval for a US national trust bank charter, enabling institutional crypto custody. It also invested in crypto asset ZIG and will co-develop on-chain financial products for institutions. These moves expand future revenue but are early-stage and may take time to pay off.
It shows a new growth avenue in digital assets, though with longer-term impact.

Latest17 Jun – 6 Aug 2026

▲4

Nomura's profit surges on trading boom and digital-asset expansion

Wholesale revenue running 30% higher Nomura said wholesale revenue is up over 30% year-on-year, led by equity products, as Tokyo Stock Exchange cash-equity turnover jumped 68% in 2026. That raises the odds Nomura beats the roughly flat 2.2 trillion yen revenue consensus, lifting the shares.
This is the first signal of a strong quarter and directly drives earnings expectations.
Record recurring revenue and 15.4% ROE in Q1 Nomura reported record recurring revenue of 59.2 billion yen and a 15.4% return on equity. Wealth management net revenue rose 9% to 145.4 billion yen, with record net inflows into recurring-revenue assets. Global markets revenue jumped 26%, led by a 41% surge in equities. This shows broad-based profit strength.
It confirms the strong quarter with record recurring revenue and high ROE, a key driver of the stock.
April–June net profit up 39% to 145.5 billion yen Nomura's net profit for the April–June quarter rose 39% year-on-year to 145.5 billion yen, beating expectations. All five major Japanese brokerages posted sharp profit gains, helped by rising interest rates, higher stock prices, and strong sales of investment products. This confirms a sector-wide upcycle.
The earnings beat is the headline number that directly moves the stock and validates the positive trend.
Digital-asset push: US trust charter and ZIG partnership Nomura's Laser Digital won conditional OCC approval for a US national trust bank charter, enabling institutional crypto custody. It also invested in crypto asset ZIG and will co-develop on-chain financial products for institutions. These moves expand future revenue but are early-stage and may take time to pay off.
It shows a new growth avenue in digital assets, though with longer-term impact.