Investors were eager to access the shares of bond-trading facilitator MarketAxess Holdings(NASDAQ: MKTX) on Tuesday. Following the publication of its latest set of monthly metrics, those folks traded the stock up by more than 5%. That compared very favorably to the essentially flat performance of the benchmark S&P 500 index that day.
November trading statistics were up substantially
Well before market open, MarketAxess unveiled its trading statistics for November. Happily for the company and its investors, these featured many encouraging growth figures.
Among these was the all-important total credit average daily trading volume (ADV), which at more than $14 billion for the month was up a sturdy 9% on a year-over-year basis. It also set a new all-time high for the company. Within this, MarketAxess also notched a new high for municipal bond ADV; this came in at $601 million, or nearly 10% over the November 2022 level.
The fintech didn't hesitate to mention that it experienced robust growth in all of its offered credit products.
The company believes it's positioned well for continued growth
That ball should keep rolling, at least according to MarketAxess management. The company quoted CEO Chris Concannon as saying that "We believe that the continued improvement in the market backdrop, and the high levels of client engagement with X-Pro [the company's next-gen trading platform], our unique proprietary data products, and our automated trading solutions, position us for growth in the coming quarters."
The company did not, however, proffer concrete guidance for any future periods.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends MarketAxess. The Motley Fool has a disclosure policy.
