Flow Traders shares drop as Q1 performance in EMEA disappoint

Flow Traders

21/04/2023 09:07

** Shares in Flow Traders  FLOW.AS  drop 11% after the Dutch
trading services provider posted its quarterly figures with
weaker-than-expected results in EMEA    
    ** ING notes that Flow Traders reported "slightly
disappointing" normalized total income (NTI) of 58.1 million
euros in EMEA in the first quarter, while the broker expected
76.8 million euros and consensus was at 73.7 million euros
    ** "We believe that the weakness in the EMEA result can be
attributed to the 25% quarter-on-quarter decline in Crypto,
Currency and Commodity VT during the quarter," ING says in a
note
    ** According to KBC, the market expected too much from the
turbulence in March 
    ** "January and February market volumes were weak, with
average volatility in the quarter below 4Q22. Digital assets
were weaker as well during the quarter following the FTX
collapse," the broker says
    ** Crypto exchange FTX filed for Chapter 11 bankruptcy
protection in the United States in November
    ** "We got the impression that Q1-23 could be much stronger
than we had assumed based on volume," Degroof Petercam adds,
noting trading and market making group Virtu  VIRT.O  on
Thursday reported a strong quarter-on-quarter improvement 
    ** Flow Traders shares are on track for their worst day
since October 2021
    
    

 (Reporting by Diana Mandiá)
 ((diana.mandiaalvarez@thomsonreuters.com))