ASX Ltd's stock surged 5.05% during intraday trading on Thursday, marking a significant upward movement for the Australian securities exchange operator.
The price appreciation follows news that ASX's trading volumes jumped close to record highs in March, with cash equities achieving the second-highest month on record while futures trading reached a new all-time high. Analyst firm Citi responded to the strong performance by raising its FY26 earnings per share forecast by 3%, with FY27 and FY28 EPS forecasts each increasing by 1%.
Citi noted that ASX's core business is performing well with stronger-than-expected top-line growth and that the company's valuation remains relatively undemanding at 20 times price-to-earnings. The positive trading volume data and upward earnings revisions appear to have driven investor optimism during the trading session.