E*Trade figures point to slump in online trading

NEWS Indications that day-traders and other online stock pickers have been put off by the downturn in the TMT (technology, media and telecoms) sector, were underlined yesterday when US brokerage E*Trade reported declining revenues and a net loss in its latest financial quarter. The first of the big online brokerages to file its quarterly results, E*Trade recorded a loss of $244m for the quarter to 30 September. Meanwhile, sales were down 14 per cent to $340m. If, as analysts expect, E*Trade's poor performance is matched by its rivals predictions that this summer was the worst ever for the online financial sector will be confirmed.