London Stock Exchange making steady progress in second quarter
Equity, bond and derivatives markets operator London Stock Exchange Group said it continued to perform well in the second quarter with growth in the index business and increased activity in clearing operations.
Financial Services
14,586.72
12:59 08/05/24
FTSE 100
8,336.38
13:00 08/05/24
FTSE 350
4,581.26
13:00 08/05/24
FTSE All-Share
4,533.47
13:00 08/05/24
London Stock Exchange Group
9,256.00p
13:00 08/05/24
Following the acquisition of the Frank Russell Company last year, the combined index businesses of FTSE and Russell were said to be making “good progress”.
FTSE total ETF assets under management were up 14% year-on-year over the five months to 31 May at $236bn, and Russell ETF AUM were up 22% at $157bn. Collectively, that marked a 3% improvement from the end of the first quarter.
Total equity capital raised on LSE’s markets over the five-month period was £16.5bn, down from £17.6bn the previous year, despite the number of Main Market new issues rising in both the UK and Italy. Nevertheless, the average daily equity value was up 8% in the UK and 6% in Italy.
LSE’s LCH.Clearnet business was also said to have performed well, reflecting a good performance across capital markets.
Chief executive Xavier Rolet said LSE “delivered a positive operational performance in the period”.
The company also said it was making progress on the divestment process for Russell Investment Management, which was put up for sale following the Frank Russell deal.
Analysts at RBC Capital Markets said Thursday’s statement had a “neutral impact to our forecasts”, with stronger-than-expected growth in equity volumes, index ETF AUM and LCH.Clearnet offset by weakness elsewhere.
“We would describe LSEG’s semi-annual pre-close statements as lots of data and little detail, and they primarily serve to assist in preparing H1 forecasts,” they said.