Gain Capital (Forex.com) shares are now above where they were when FXCM made its bid to buy the company.

U.S. FX broker Gain Capital has seen its shares steadily rise the past couple of weeks, with no new news out there, and this at a time when the overall equity markets have cooled off a bit. Gain Capital shares closed yesterday at $5.80, their highest closing price since February 2012.

When FXCM made its hostile bid to acquire Gain Capital back in April, Gain shares topped out at $5.62 (closing price on April 24), before falling back to about $4.50 after Gain bought GFT and FXCM withdrew its bid.

Gain Capital’s (NYSE:GCAP) one-year share price chart (Source: Yahoo! Finance):

Gain Capital shares still sit more than 35% below their December 2010 IPO price of $9 a share (by contrast, rival FXCM’s shares are above their $14 IPO price), but the trend is certainly in the right direction.

In the absence of new news, as we pointed out above, it seems as if the share price rise is simply the result of investors taking a longer look at the “new” Gain Capital following its acquisition of smaller rival GFT, and liking what they see. We haven’t yet seen Gain’s May FX volumes (they should be out within the next few days), but given that FXCM reported record volumes in May the expectations for Gain Capital are certainly high.

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