Invast Global Stock Price Hits Low, FXStreet Opens New Office

As of today, we have reached the halfway mark of 2023. The first half of the year and the past year have generally been positive for some publicly traded brokers, but it has been a different story for others. For example, last week INV Inc announced that its stock price had dropped to a nearly 2-year low. Following that, FXStreet split its company divisions and established an office in Cyprus for its marketing arm. Additionally, Dukascopy delisted the India 50 index. Here are the specific news details:

1) Invast Global operator INV Inc's stock price hits 52-week low due to poor 2023 performance

It has been reported that INV Inc (TYO:7338), the Japanese financial services company operating forex and CFD brokerage Invast Global, saw its stock price drop to the lowest level in nearly two years after announcing its annual financial performance from March of last year to March of this year.

On May 30th, Invast's stock price hit a 52-week low of 733 Japanese yen, closing at 735 Japanese yen. With the current stock price, the entire investment division has a market value of 4.32 billion Japanese yen, equivalent to 30.7 million US dollars.

Looking back to the end of April, after disclosing the financial results for the fiscal year ending on March 31, 2023, INV Inc experienced a 75% decrease in net income from 808 million Japanese yen in 2022 to 199 million Japanese yen (1.4 million US dollars) in 2023. The investment division generated negative operating cash flow of -976 million Japanese yen (7 million US dollars) this year. While the company's operating revenue did increase by 16% from 2022 to 2023, reaching 6 billion Japanese yen (42.8 million US dollars), it appears that last year's expenses and cash outflows far exceeded the revenue growth. (According to the WikiFX app, the platform has a rating of 7, indicating relatively high trust. However, there have been seven complaints reported, indicating issues with fund withdrawals. Investors are advised to exercise caution and conduct proper due diligence.)

Due to negative cash flow from operating activities and investment activities, INV Inc's cash level for 2023 declined by 28% to 8.22 billion Japanese yen, equivalent to 58.5 million US dollars. Despite the declining performance of INV Inc, Invast Global has been expanding its business. At the end of 2022, Invast acquired GMO-Z.com, the UK business of Japanese internet giant GMO. Earlier this year, the company expanded its EU operations and appointed Riana Chaili as the CEO for EMEA (excluding Cyprus).

Regarding the upcoming year, INV Inc stated that due to the strong influence of economic and market conditions on its financial instruments and asset exchange businesses, it is difficult to predict business outcomes. Therefore, the company does not disclose consolidated financial performance forecasts. However, monthly operating revenue and other sales indicators are provided. When WikiFX sought further information about the company's data, the response received was “no comment.”

One-year stock price chart of INV Inc.

2) FXStreet splits from the company and its marketing agency establishes a new office in Limassol, Cyprus.

According to WikiFX, FinancialMarkets.media, a digital marketing agency providing online advertising services to forex and CFD brokers, as well as other financial service companies, has recently announced the opening of a new office in Limassol, Cyprus.

FinancialMarkets.media, which was spun off from the Barcelona trading portal FXStreet last year, aims to leverage this new venture to enhance its services, foster global cooperation, and bring financial marketing trends and insights closer to its partners and clients.

This strategic move enables the company to expand its business into new markets, explore emerging opportunities, and establish strong connections both within and outside the region. With a diverse talent pool and additional resources, the digital marketing agency claims to have the capability to deliver excellent services.

3) Dukascopy delists India 50 Index

In the past week, Dukascopy Bank announced a change in the issuance of its trading instruments. The company notified its clients that the India 50 Index (IND.IDX/USD) was delisted on June 5, 2023, at 19:00 GMT. As of May 29, 2023, traders were unable to open new positions or increase existing exposure in this instrument.

Clients currently holding positions with Dukascopy are free to close their positions at any time before June 5 (Friday). Any positions held beyond the closing time on June 5 will be automatically closed at the last known price. These measures are currently in effect and apply to clients of both Dukascopy Bank and Dukascopy Europe. (As per the information obtained from the WikiFX app, the platform has a WikiFX rating of 2.25, and its exposure board shows 22 complaints related to the inability to withdraw funds. It is advised for investors to stay away from it.)