The SelfWealth Ltd (ASX: SWF) share price has jumped 3.8% at the open following a strong quarterly update from the Aussie online brokerage group.
What's in the update?
There were a number of highlights from SelfWealth for the second quarter of FY21 ending 31 December 2021.
The brokerage group reported record quarterly operating revenue of $4.46 million, up 298% year-on-year (YoY). The number of active traders on the platform surged 17% from the prior quarter and 208% YoY to 67,394.
Quarterly trade volume jumped 377% YoY to 378,430 trades with client cash up 220% YoY to $435 million.
Securities held on HIN surged 153% YoY to $4.30 billion as SelfWealth's strong growth trajectory continued through to the end of 2020.
Why is the SelfWealth share price surging?
The SelfWealth share price has reacted today, with investors pushing the group's shares up 3.8% to $0.55 per share in early trade. At the time of writing, the share price is trading at 54.5 cents, up 2.8%.
SelfWealth said it is continuing to grow its market share by attracting both new market entrants and clients from competitors.
SelfWealth managing director Rob Edgely described 2020 as a "transformational year" with an "encouraging" take up by existing clients on its US trading platform.
US stock trading began on 14 December with 13% of existing clients applying for US trading to be added to their existing ASX portfolios.
Seasonally adjusted trade volumes continued to grow despite trade volume edging lower from the September quarter on an absolute basis. The Aussie brokerage group also recorded its largest-ever trading day on 10 November with 11,421 trades placed.
The SelfWealth share price had a year that reflected the group's strong performance in calendar year 2020. Shares in the Aussie financials group are now up 243.8% for the year after climbing higher in early trade.
Foolish takeaway
Shares in the Aussie brokerage group are on the move this morning after a strong quarterly trading update. This as the S&P/ASX 200 Index (ASX: XJO) edges 0.3% lower at 6736 points.
