The best-performing financial stock on the Toronto Stock Exchange isn’t a bank. It’s the parent company of the exchange itself, thanks to a jump in equity trading volumes.
Historic stock-market volatility in the first half of the year due to the COVID-19 pandemic propelled a 38 per cent surge in daily average trading volume from a year ago to 768.6 million shares, the highest level since at least 2013, according to data compiled by Bloomberg. TMX Group’s rise has outpaced some other large exchange operators. Nasdaq Inc. is up 12.5 per cent this year while London Stock Exchange Group plc is up 9 per cent. Intercontinental Exchange Inc., which runs the New York Stock Exchange, is flat.
“There’s not a lot of Canadian financial companies that are generating that kind of EPS growth in this environment with the kind of balance sheet and liquidity position that they’re in,” said National Bank of Canada analyst Jaeme Gloyn.
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