"The Star Online" : HKEX 2016 profit slides on weak trading volumes, cautious on outlook - Business News
At home, there were concerns that mainland China'€™s economy was slowing down and that interest rates would rise. All these contributed to cautious sentiment among investors and created a challenging market environment for the Group," HKEX said in a statement.Average daily trading on the bourse in 2016 fell 37% to HK$70 billion compared with the previous year. "The global financial markets were volatile and overshadowed by political and economic uncertainties. HONG KONG: Hong Kong's stock exchange operator said on Monday its 2016 net profit fell 27% due to a decline in fees generated by stocks and metals trading on the bourse as it struggled to match stellar volumes seen during 2015's record rally.Hong Kong Exchanges and Clearing Ltd (HKEX) reported a net profit of HK$5.8 billion (US$747.36 million) for 2016, slightly below analysts' average estimate of HK$6 billion, according to Thomson Reuters data. Group profits were also dented by the bourse's London Metal Exchange subsidiary, which saw trading volumes fall 8% year-on-year due to subdued metals demand causing commodities-related revenues to decline 10% to HK$1.6 billion.Stocks trading volumes struggled last year to match the records seen in 2015, when a dramatic rally on the mainland drove frantic activity on the Hong Kong bourse.The exchange cautioned that the operating environment for financial markets is expected to remain challenging and volatile this year due to "many political and economic uncertainties".HKEX chief executive Charles Li has banked on deepening the bourse's ties with mainland China to sustain profit growth, despite fears over the Chinese economy which is saddled with rising bad debt.The bourse said on Monday it would continue to broaden its connectivity schemes with the mainland.The exchange's shares have risen around 8% this year, compared to a 9% year-to-date rally in the main Hang Seng benchmark.
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LONDON--Hiscox Ltd. (HSX.LN) said Monday increased investment returns, significant foreign exchange gains and good underwriting performance has led to a 64% jump in 2016 pretax profit. The London-listed company recorded a foreign exchange gain of GBP152.4 million in 2016, up substantially from GBP15.2 million in 2015. For the year ended Dec. 31, 2016, the insurance company recorded pretax profit of 354.5 million pounds ($441.48 million), up from GBP216.1 million in the year ago period, on net premiums of GBP1.8 million and GBP1.6 million, respectively. Combined ratio --a key profit metric for insurers-- totaled 84.4% for the year, versus 85.0%. A ratio below 100% indicates that the company is making underwriting profit while a ratio above 100% means that it is paying out more money in claims that it is receiving from premiums.
Hong Kong is still the world's largest IPOs market, based on total funds raised in the past two years. Hong Kong Exchanges & Clearing Ltd., operator of the city's equity bourse, reported a 2016 net profit that missed analysts' forecasts, weighed down by dwindling transactions in the stock market and a fall in the number of companies seeking to raise capital. The exchange operator's main sources of income are the fees charged on transactions and securities clearance in the market. Net income fell 27 per cent to HK$5.77 billion (US$740 million), or HK$2.04 per share, less than the HK$6.06 billion average estimate in a Bloomberg survey of 14 analysts. Total fund raising plunged 57 per cent to an eight-year low of US$39.4 billion last year, according to Thomson Reuters' data.
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Hiscox 2016 profit soars 64% on forex gains
LONDON--Hiscox Ltd. (HSX.LN) said Monday increased investment returns, significant foreign exchange gains and good underwriting performance has led to a 64% jump in 2016 pretax profit. The London-listed company recorded a foreign exchange gain of GBP152.4 million in 2016, up substantially from GBP15.2 million in 2015. For the year ended Dec. 31, 2016, the insurance company recorded pretax profit of 354.5 million pounds ($441.48 million), up from GBP216.1 million in the year ago period, on net premiums of GBP1.8 million and GBP1.6 million, respectively. Combined ratio --a key profit metric for insurers-- totaled 84.4% for the year, versus 85.0%. A ratio below 100% indicates that the company is making underwriting profit while a ratio above 100% means that it is paying out more money in claims that it is receiving from premiums.
HKEX's 2016 profit falls on shrinking transactions, misses analysts' forecasts
Hong Kong is still the world's largest IPOs market, based on total funds raised in the past two years. Hong Kong Exchanges & Clearing Ltd., operator of the city's equity bourse, reported a 2016 net profit that missed analysts' forecasts, weighed down by dwindling transactions in the stock market and a fall in the number of companies seeking to raise capital. The exchange operator's main sources of income are the fees charged on transactions and securities clearance in the market. Net income fell 27 per cent to HK$5.77 billion (US$740 million), or HK$2.04 per share, less than the HK$6.06 billion average estimate in a Bloomberg survey of 14 analysts. Total fund raising plunged 57 per cent to an eight-year low of US$39.4 billion last year, according to Thomson Reuters' data.
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collected by :Jack Luxor
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