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Intercontinental Exchange’s December Volumes Up, Shares Gain


Shares of Intercontinental Exchange, Inc. ICE inched up 0.8% in the last trading session after it reported solid average daily volume (ADV) for December. The metric for the month has increased 5.1% year over year to 5.1 million contracts. However, the same has sequentially declined 4.9%.

The year-over-year improvement was driven by Financials volume, rallying 13.7% to 2.3 million contracts per day. However, Commodities volume, which also averaged approximately at 2.8 million contracts per day, slipped 0.9% year over year. There were 20 trading days in December compared with a day extra in the year-ago month.

Energy volume decreased 2.6% to about 2.4 million contracts per day while Agricultural and Metals volume increased 8.3% to 0.3 million contracts. Interest Rate volume soared 37% to 1.7 million contracts per day whereas Equity Index volume declined 17.3% to 0.6 million contracts. Foreign exchange volume plunged 42% to nearly 0.3 million contracts.

Revenue per contract was 13 cents for December, down 7.1% year over year.

Shares of Intercontinental Exchange have underperformed the industry in a year. The stock has gained 27.7%, lagging the industry’s increase of 31%.

The company’s compelling product portfolio, risk management services, prudent acquisitions, timely achievement of cost synergies, strategic initiatives and a solid capital position should drive the shares higher and strengthen its growth profile. The company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recently, securities exchanges namely, CBOE Holdings Inc. CBOE, CME Group Inc. CME and MarketAxess Holdings Ltd. MKTX also posted their volumes.

CBOE Global Markets’ December ADV of 7.1 million contracts improved nearly 12.7% year over year while CME Group’s ADV of 15.9 million contracts per day declined 2% year over year. MarketAxess has reported a trading volume of $104.4 billion for December 2017.

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