FUTURES and options broker MF Global posted a wider quarterly loss yesterday, hurt by a 37 per cent drop in revenue, and claimed $30m (£18.9m) as due from its former parent company, sending its shares down 12 per cent.
The company’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.
The company’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.
“We continue to view MF shares as a restructuring story making of operational progress, even if earnings haven’t turned around yet,” said Fox-Pitt Kelton analyst Edward Ditmire, who said the results were “disappointing”.
Among its various businesses, foreign exchange, particularly in Asia, performed well in the quarter, the company said.