Australian exchange operator rises as Citi boosts earnings outlook
ASX shares rose 3.8% to a near two-month high after Citi lifted its annual earnings-per-share outlook for the exchange operator by 2%, citing strong market activity.
1. Trading activity strengthens
ASX’s average daily cash-market trades rose 16% in September from a year earlier, while daily futures volume climbed 44% to near-record highs. Citi said strong activity was likely to persist through at least the first half of the year.
2. Analyst views diverge
Citi and UBS raised their price targets to A$61.00 and A$65.50, respectively. Corporate market activity remained muted in September, though a boost was expected in the near term from Glencore’s secondary listing and Firmus’ planned October IPO. Goldman Sachs remained cautious about CEO Anthony Attia’s strategy, financial settings and execution risks tied to the CHESS replacement and technology modernisation program.
