The London Stock Exchange (LSE.L) and Canada's TMX Group (X.TO) reported forecast-beating results on Friday as they applied for regulatory approval of their $3 billion deal to join forces. Shares of the exchanges, both pressured by competition from alternative trading upstarts, rose after the results. First-quarter profit at TMX, the operator of the Toronto Stock Exchange, rose 13 percent to C$64.3 million ($66.8 million), while revenue climbed 17 percent to C$174.7 million, on record volume and robust equity financing. "I, along with maybe one or two others were already on the high end of Street estimates and they exceeded our estimates by a country mile," said National Bank Financial analyst Shubha Kahn.
TMX Group Inc. is an integrated, multi-asset class exchange group. Shares of X fell by 2.08% or $-0.95/share to $44.65. In the past year, the shares have traded as low as $36.93 and as high as $64.03. On average, 10289500 shares of X exchange hands on a given day and today's volume is recorded at 9141223.
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