Euronext profits increase by 8.7%

Strong trading volumes in equity and derivatives boosted third-quarter profits at the pan-European stock market operator Euronext…

Strong trading volumes in equity and derivatives boosted third-quarter profits at the pan-European stock market operator Euronext by 8.7 per cent.

Net income rose to €77.4 million from €71.2 million in the same period last year, the company said. The figure was slightly better than the average analyst forecast of €76 million. Revenue climbed 12 per cent to €262.2 million.

The profit gains were partially offset by higher operating costs, which added 14 per cent during the period.

Euronext did not give a date for a December meeting at which shareholders will have a chance to vote on the company's planned merger with NYSE Group.

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Analysts said that despite earlier shareholder and political objections to the tie-up, the deal is unlikely to falter as NYSE's share-price gains since the plan was announced have sharply increased the value of the offer.

The NYSE cash and share offer was valued at just under $10 billion when it was announced in May and now stands at more than $13 billion.

Germany's Deutsche Boerse dropped a rival bid yesterday, saying it did not represent good value for shareholders.