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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Non-independent research recommendations

Quarterly disclosure

Highlighted in the table below is the proportion of all research recommendations published per quarter that are 'buy', 'hold', 'sell' or equivalent terms.

2021

Third quarter

  • July
  • August
  • September
  • Summary of quarter
No. of recommendations %
Buy 21 28.0
Sell 29 38.7
Hold 11 14.7
None 14 18.7
Total 75 100

No. of recommendations %
Buy 16 27.7
Sell 21 35.0
Hold 12 20.0
None 11 18.3
Total 60 100

No. of recommendations %
Buy 34 56.7
Sell 12 20.0
Hold 11 18.3
None 3 5.0
Total 60 100

No. of recommendations %
Buy 71 38.8
Sell 50 27.3
Hold 34 18.6
None 28 15.3
Total 183 100

Second quarter

  • April
  • May
  • June
  • Summary of quarter
No. of recommendations %
Buy 42 40.4
Sell 12 11.5
Hold 18 17.3
None 32 30.8
Total 104 100

No. of recommendations %
Buy 38 61.3
Sell 6 9.7
Hold 4 6.5
None 14 22.6
Total 62 100

No. of recommendations %
Buy 23 31.9
Sell 12 16.7
Hold 24 33.3
None 13 18.1
Total 72 100

No. of recommendations %
Buy 103 43.3
Sell 30 12.6
Hold 46 19.3
None 59 24.8
Total 238 100

First quarter

  • January
  • February
  • March
  • Summary of quarter
No. of recommendations %
Buy 130 65.0
Sell 12 6.0
Hold 34 17.0
None 24 12.0
Total 200 100

No. of recommendations %
Buy 81 55.1
Sell 15 10.2
Hold 27 18.4
None 24 16.3
Total 147 100

No. of recommendations %
Buy 107 60.1
Sell 10 5.6
Hold 34 19.1
None 27 15.2
Total 178 100

No. of recommendations %
Buy 318 60.6
Sell 37 7.0
Hold 95 18.1
None 75 14.3
Total 525 100

2020

Fourth quarter

  • October
  • November
  • December
  • Summary of quarter
No. of recommendations %
Buy 23 30.3
Sell 34 44.7
Hold 7 9.2
None 12 15.8
Total 76 100

No. of recommendations %
Buy 34 39.5
Sell 24 27.9
Hold 18 20.9
None 10 11.6
Total 86 100

No. of recommendations %
Buy 38 51.4
Sell 13 17.6
Hold 11 14.9
None 12 16.2
Total 74 100

No. of recommendations %
Buy 95 40.3
Sell 71 30.1
Hold 36 15.3
None 34 14.4
Total 203 100

Third quarter

  • July
  • August
  • September
  • Summary of quarter
No. of recommendations %
Buy 134 66.0
Sell 16 7.9
Hold 30 14.8
None 23 11.3
Total 203 100

No. of recommendations %
Buy 47 44.3
Sell 17 16.0
Hold 29 27.4
None 13 12.3
Total 106 100

No. of recommendations %
Buy 24 30.4
Sell 24 30.4
Hold 18 22.8
None 13 16.5
Total 79 100

No. of recommendations %
Buy 205 52.8
Sell 57 14.7
Hold 77 19.8
None 49 12.6
Total 388 100

Second quarter

  • April
  • May
  • June
  • Summary of quarter
No. of recommendations %
Buy 110 38.3
Sell 70 24.4
Hold 58 20.2
None 49 17.1
Total 274 100

No. of recommendations %
Buy 106 39.3
Sell 52 19.3
Hold 58 21.5
None 54 20.0
Total 270 100

No. of recommendations %
Buy 95 36.3
Sell 62 23.7
Hold 51 19.5
None 54 20.6
Total 262 100

No. of recommendations %
Buy 331 39.6
Sell 180 21.6
Hold 167 20.0
None 157 18.8
Total 835 100

First quarter

  • January
  • February
  • March
  • Summary of quarter
No. of recommendations %
Buy 108 39.4
Sell 47 17.2
Hold 65 23.7
None 54 19.7
Total 274 100

No. of recommendations %
Buy 85 28.6
Sell 77 25.9
Hold 70 23.6
None 65 21.9
Total 297 100

No. of recommendations %
Buy 77 27.8
Sell 67 24.2
Hold 73 26.4
None 60 21.7
Total 277 100

No. of recommendations %
Buy 274 36.2
Sell 267 35.3
Hold 156 20.6
None 174 7.9
Total 757 100

2019

Quarter 4

  • October
  • November
  • December
  • Summary of quarter
No. of recommendations %
Buy 87 29.3
Sell 75 25.3
Hold 74 24.9
None 61 20.5
Total 297 100

No. of recommendations %
Buy 92 41.81
Sell 53 24.09
Hold 57 24.9
None 18 8.18
Total 220 100

No. of recommendations %
Buy 50 30.3
Sell 56 33.93
Hold 37 22.42
None 22 13.33
Total 165 100

No. of recommendations %
Buy 229 33.57
Sell 184 26.97
Hold 168 24.63
None 101 14.8
Total 682 100

Quarter 3

  • July
  • August
  • September
  • Summary of quarter
No. of recommendations %
Buy 86 30.9
Sell 63 22.7
Hold 62 22.3
None 67 24.1
Total 278 100

No. of recommendations %
Buy 75 32.1
Sell 85 36.3
Hold 27 11.5
None 47 20.1
Total 234 100

No. of recommendations %
Buy 86 30.6
Sell 68 24.2
Hold 67 23.8
None 60 21.4
Total 281 100

No. of recommendations %
Buy 274 36.2
Sell 267 35.3
Hold 156 20.6
None 174 7.9
Total 757 100

Quarter 2

  • April
  • May
  • June
  • Summary of quarter
No. of recommendations %
Buy 120 45.8
Sell 38 14.5
Hold 56 21.4
None 48 18.3
Total 262 100

No. of recommendations %
Buy 58 21.4
Sell 103 38.0
Hold 44 16.2
None 66 24.4
Total 271 100

No. of recommendations %
Buy 110 39.1
Sell 50 17.7
Hold 61 21.6
None 61 21.6
Total 282 100

No. of recommendations %
Buy 288 35.3
Sell 191 23.4
Hold 161 16.2
None 175 24.4
Total 815 100

Quarter 1

  • January
  • February
  • March
  • Summary of quarter
No. of recommendations %
Buy 117 41.1
Sell 46 16.1
Hold 57 20
None 65 22.8
Total 271 100

No. of recommendations %
Buy 119 47.4
Sell 51 20.3
Hold 43 17.1
None 38 15.2
Total 251 100

No. of recommendations %
Buy 102 37.5
Sell 59 21.7
Hold 51 18.8
None 60 22.1
Total 272 100

No. of recommendations %
Buy 338 41.8
Sell 156 19.3
Hold 151 18.7
None 163 20.2
Total 808 100

2018

Quarter 4

  • October
  • November
  • December
  • Summary of quarter
No. of recommendations %
Buy 85 32.6
Sell 98 37.5
Hold 43 16.5
None 35 13.4
Total 261 100

No. off recommendations %
Buy 82 34.2
Sell 77 32.1
Hold 46 19.1
None 35 14.6
Total 240 100

No. off recommendations %
Buy 55 26.6
Sell 64 30.9
Hold 46 22.2
None 42 20.3
Total 207 100

No. off recommendations %
Buy 222 31.3
Sell 239 33.8
Hold 135 19.1
None 112 15.8
Total 708 100

Quarter 3

  • July
  • August
  • September
  • Summary of quarter
No. off recommendations %
Buy 103 42
Sell 65 26.4
Hold 45 18.2
None 33 13.4
Total 246 100

No. off recommendations %
Buy 82 34.9
Sell 68 28.9
Hold 54 23
None 31 13.2
Total 235 100

No. off recommendations %
Buy 104 46.8
Sell 53 23.9
Hold 47 21.2
None 18 8.1
Total 222 100

No. off recommendations %
Buy 289 41.1
Sell 186 26.4
Hold 146 20.8
None 82 11.7
Total 703 100

Quarter 2

  • April
  • May
  • June
  • Summary of quarter
No. off recommendations %
Buy 120 47
Sell 54 21.2
Hold 51 20
None 30 11.8
Total 255 100

No. off recommendations %
Buy 122 46.4
Sell 78 29.6
Hold 36 13.7
None 27 10.3
Total 263 100

No. off recommendations %
Buy 88 35.9
Sell 65 26.5
Hold 55 22.5
None 37 15.1
Total 245 100

No. off recommendations %
Buy 330 43.3
Sell 197 25.8
Hold 142 18.6
None 94 12.3
Total 763 100

Quarter 1

  • January
  • February
  • March
  • Summary of quarter
No. off recommendations %
Buy 167 74.2
Sell 28 12.5
Hold 18 8
None 12 5.3
Total 225 100

No. off recommendations %
Buy 124 51.5
Sell 57 23.7
Hold 30 12.4
None 30 12.4
Total 214 100

No. off recommendations %
Buy 95 36
Sell 101 38.2
Hold 43 16.3
None 25 9.5
Total 264 100

No. off recommendations %
Buy 386 52.9
Sell 186 25.5
Hold 91 12.5
None 67 9.1
Total 730 100

2017

Quarter 4

  • October
  • November
  • December
  • Summary of quarter
No. off recommendations %
Buy 118 54.6
Sell 58 26.9
Hold 32 14.8
None 8 3.7
Total 216 100

No. off recommendations %
Buy 116 54.2
Sell 53 24.8
Hold 38 17.8
None 7 3.2
Total 214 100

No. off recommendations %
Buy 99 52.4
Sell 45 23.8
Hold 29 15.3
None 16 8.5
Total 189 100

No. off recommendations %
Buy 333 53.8
Sell 156 25.2
Hold 99 16
None 31 5
Total 619 100

Quarter 3

  • July
  • August
  • September
  • Summary of quarter
No. off recommendations %
Buy 98 45.6
Sell 84 39.1
Hold 33 15.3
None 0 0
Total 215 100

No. off recommendations %
Buy 75 35.7
Sell 84 40
Hold 50 23.8
None 1 0.5
Total 210 100

No. off recommendations %
Buy 113 56.5
Sell 46 23
Hold 36 18
None 5 2.5
Total 200 100

No. off recommendations %
Buy 286 45.8
Sell 214 34.2
Hold 119 19
None 6 1
Total 625 100

Quarter 2

  • April
  • May
  • June
  • Summary of quarter
No. off recommendations %
Buy 87 45
Sell 69 35.8
Hold 32 16.6
None 5 2.6
Total 193 100

No. off recommendations %
Buy 70 54.3
Sell 25 19.3
Hold 32 24.8
None 2 1.6
Total 129 100

No. off recommendations %
Buy 84 50
Sell 41 24.4
Hold 41 24.4
None 2 1.2
Total 168 100

No. off recommendations %
Buy 241 49.2
Sell 135 27.6
Hold 105 21.4
None 9 1.8
Total 490 100

Quarter 1

  • January
  • February
  • March
  • Summary of quarter
No. off recommendations %
Buy 111 48.7
Sell 75 32.9
Hold 36 15.8
None 6 2.6
Total 228 100

No. off recommendations %
Buy 107 50
Sell 53 24.8
Hold 40 18.7
None 14 6.5
Total 214 100

No. off recommendations %
Buy 120 46.2
Sell 77 29.6
Hold 44 16.9
None 19 7.3
Total 260 100

No. off recommendations %
Buy 338 48.1
Sell 205 29.2
Hold 120 17.1
None 39 5.6
Total 702 100

2016

Quarter 4

  • October
  • November
  • December
  • Summary of quarter
No. off recommendations %
Buy 88 38.8
Sell 72 31.7
Hold 48 21.1
None 19 8.4
Total 227 100

No. off recommendations %
Buy 74 32.9
Sell 65 28.9
Hold 64 28.4
None 22 9.8
Total 225 100

No. off recommendations %
Buy 95 44.6
Sell 69 32.4
Hold 47 22.1
None 2 0.9
Total

213

100

No. off recommendations %
Buy 257 38.6
Sell 206 31
Hold 159 23.9
None 43 6.5
Total 665 100

Quarter 3

  • July
  • August
  • September
  • Summary of quarter
No. off recommendations %
Buy 121 46.4
Sell 87 33.3
Hold 44 16.9
None 9 3.4
Total 261 100

No. off recommendations %
Buy 59 31.7
Sell 83 44.6
Hold 38 20.4
None 6 3.3
Total 186 100

No. off recommendations %
Buy 111 44.1
Sell 97 38.5
Hold 39 15.5
None 5 1.9
Total 252 100

No. off recommendations %
Buy 291 41.6
Sell 267 38.2
Hold 121 17.3
None 20 2.9
Total 699 100

Quarter 2

  • April
  • May
  • June
  • Summary of quarter
No. off recommendations %
Buy 104 39.7
Sell 85 32.4
Hold 38 14.5
None 35 13.4
Total 262 100

No. off recommendations %
Buy 132 48.7
Sell 100 36.9
Hold 25 9.2
None 14 5.2
Total 271 100

No. off recommendations %
Buy 121 43.2
Sell 90 32.1
Hold 27 9.7
None 40 15
Total 280 100

No. off recommendations %
Buy 357 43.9
Sell 275 33.8
Hold 90 11.1
None 91 11.2
Total 813 100

Quarter 1

  • January
  • February
  • March
  • Summary of quarter
No. off recommendations %
Buy 100 29.4
Sell 138 40.6
Hold 28 8.2
None 74 21.8
Total 340 100

No. off recommendations %
Buy 101 31.5
Sell 120 37.4
Hold 33 10.3
None 67 20.8
Total 321 100

No. off recommendations %
Buy 122 39
Sell 89 29
Hold 37 12
None 63 20
Total 311 100

No. off recommendations %
Buy 323 33
Sell 347 36
Hold 98 10
None 204 21
Total 972 100

2015

Quarter 4

  • October
  • November
  • December
  • Summary of quarter
No. off recommendations %
Buy 176 42.6
Sell 143 34.6
Hold 32 7.8
None 62 15
Total 413 100

No. off recommendations %
Buy 142 34.5
Sell 175 42.6
Hold 29 7.1
None 65 15.8
Total 411 100

No. off recommendations %
Buy 105 36
Sell 98 33.6
Hold 24 8.2
None 65 22.2
Total 292 100

No. off recommendations %
Buy 423 37.9
Sell 416 37.3
Hold 85 7.6
None 192 17.2
Total 1116 100

Quarter 3

  • July
  • August
  • September
  • Summary of quarter
No. off recommendations %
Buy 104 31
Sell 112 33
Hold 28 8
None 95 28
Total 339 100

No. off recommendations %
Buy 125 38.2
Sell 116 35.5
Hold 10 3.1
None 76 23.2
Total 327 100

No. off recommendations %
Buy 107 32.4
Sell 107 32.4
Hold 23 7
None 98 28.2
Total 330 100

No. off recommendations %
Buy 336 33.6
Sell 335 33.5
Hold 61 6
None 269 26.9
Total 1001 100

Quarter 2

  • April
  • May
  • June
  • Summary of quarter
No. off recommendations %
Buy 84 32.6
Sell 91 35.3
Hold 38 14.7
None 45 17.4
Total 258 100

No. off recommendations %
Buy 108 31.8
Sell 132 38.8
Hold 29 8.5
None 71 20.8
Total 340 100

No. off recommendations %
Buy 128 32.1
Sell 172 43.1
Hold 24 6
None 75 18.8
Total 399 100

No. off recommendations %
Buy 320 32.1
Sell 395 39.6
Hold 91 9.1
None 191 19.2
Total 997 100

Quarter 1

  • January
  • February
  • March
  • Summary of quarter
No. off recommendations %
Buy 116 36.0
Sell 149 46.3
Hold 9 2.8
None 48 14.9
Total 322 100

No. off recommendations %
Buy 138 43.2
Sell 105 32.9
Hold 22 6.8
None 54 16.9
Total 319 100

No. off recommendations %
Buy 80 27.5
Sell 133 45.7
Hold 23 7.9
None 55 18.9
Total 291 100

No. off recommendations %
Buy 334 35.8
Sell 387 41.5
Hold 54 5.8
None 157 16.8
Total 932 100

2014

Quarter 4

  • October
  • November
  • December
  • Summary of quarter
No. of recommendations %
Buy 103 34.6
Sell 150 50.3
Hold 21 7.0
None 24 8.1
Total 298 100

No. off recommendations %
Buy 122 44.7
Sell 113 41.4
Hold 15 5.5
None 23 8.4
Total 273 100

No. off recommendations %
Buy 103 39.9
Sell 100 38.8
Hold 22 8.5
None 33 12.8
Total 258 100

No. off recommendations %
Buy 328 39.9
Sell 363 44.1
Hold 58 7.0
None 74 9.0
Total 823 100

Quarter 3

  • July
  • August
  • September
  • Summary of quarter
No. off recommendations %
Buy 149 48.2
Sell 86 27.8
Hold 43 13.9
None 31 10.0
Total 309 100

No. off recommendations %
Buy 102 40.5
Sell 106 42.1
Hold 19 7.5
None 25 9.9
Total 252 100

No. off recommendations %
Buy 103 35.3
Sell 150 50.3
Hold 21 5.1
None 24 9.2
Total 298 100

No. off recommendations %
Buy 354 41.2
Sell 342 39.8
Hold 83 9.7
None 80 9.3
Total 859 100

Quarter 2

  • April
  • May
  • June
  • Summary of quarter
No. off recommendations %
Buy 125 53.4
Sell 87 37.2
Hold 22 9.4
Total 234 100

No. off recommendations %
Buy 98 46.4
Sell 90 42.7
Hold 23 10.9
Total 211 100

No. off recommendations %
Buy 116 47.2
Sell 65 26.4
Hold 42 17.1
Total 223 100

No. off recommendations %
Buy 339 50.75
Sell 242 36.2
Hold 87 13.0
Total 668 100

Quarter 1

  • January
  • February
  • March
  • Summary of quarter
No. off recommendations %
Buy 95 50.5
Sell 69 36.7
Hold 24 12.8
Total 188 100

No. off recommendations %
Buy 96 48.5
Sell 71 35.9
Hold 31 15.7
Total 188 100

No. off recommendations %
Buy 109 46.0
Sell 84 35.4
Hold 44 18.6
Total 237 100

No. off recommendations %
Buy 300 48.9
Sell 224 36.5
Hold 99 16.2
Total 613 100

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Correct at 31 March 2020. No representation or warranty is given as to the accuracy or completeness of this information. See full non-independent research disclaimer.