FTSE 100 rebounds 3% as Wall Street rallies, with Icap benefiting from volatility.

(From Guardian Unlimited)

Given there seems little sign of an end to the current stock market volatility, with the FTSE 100 jumping 3% following Wednesday's 3% drop, it is no surprise that a company which benefits from the upheaval was doing well.

That company was Icap, the interdealer broker, which climbed 24.7p to 416p - a 6% rise - as traders said the business would do well from heavy trading volumes as buyers and sellers used its trading platforms to bet on the direction of shares, interest rates and currencies. Helping Icap - whose chief executive is former Tory Treasurer Michael Spencer - was an overweight recommendation from Morgan Stanley, with a target price of 575p. The bank said:

We view Icap as a capital light way to play heightened …