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MF Global shares fall on bigger quarterly loss

FUTURES and options broker MF Global posted a wider quarterly loss yesterday, hurt by a 37 per cent drop in revenue, and claimed $30m (&pound;18.9m) as due from its former parent company, sending its shares down 12 per cent.<br /><br />The company&rsquo;s commodities businesses, including metals, energy, and agriculture, saw lower volumes and tighter spreads, chief financial officer Randy Macdonald said, adding that its fixed income business also experienced a similar trend.<br /><br />The company&rsquo;s market share in the US, however, rose to 5.1 per cent at the end of March from 4.7 per cent in December.<br /><br />&ldquo;We continue to view MF shares as a restructuring story making of operational progress, even if earnings haven&rsquo;t turned around yet,&rdquo; said Fox-Pitt Kelton analyst Edward Ditmire, who said the results were &ldquo;disappointing&rdquo;.<br /><br />Among its various businesses, foreign exchange, particularly in Asia, performed well in the quarter, the company said.