Strong derivatives soften Q2 blow for SGX
It was a challenging quarter that saw penny stocks suffering a sell-off
SINGAPORE Exchange posted a 1.8 per cent decline in net profit for its fiscal second quarter amid a challenging quarter for the securities market that also saw penny stocks suffering a sell-off. But strong derivatives growth helped the group to beat profit expectations.
"Derivatives are now on par with our securities business . . . On the securities side, we had a very tough and challenging quarter," SGX chief executive Magnus Bocker said at a briefing.
Net profit slipped to $75 million, or 7.01 cents per share for the three months ended Dec 31, 2013. For the six-month period, however, net profit was up 11 per cent at $167.2 million, or 15.63 cents per share.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
UBS weighs synthetic risk transfer amid capital boost proposals
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
Europe: Stoxx 600 logs best day in three months as banks shine
US: Stocks rally after strong tech results