ASX (ASX:ASX) first-half results showed revenue up around 11% to AU$602.8 million, while core expenses rose 12.1%, driven by investments in the accelerate program and a higher average headcount, Jefferies said in a note on Thursday.

The company reported underlying net profit after tax up 3.9% to AU$263.6 million, slightly above consensus, while costs rose in line with revenue, with management guiding fiscal 2026 core expenses to increase 13% to 15% excluding the Australian Securities and Investments Commission inquiry or 20% to 23% including it.

Jefferies notes that revenue was supported by flat listing income of AU$106 million, with annual listings up 1.4%, while markets revenue increased 14.4%, driven by higher cash, futures, and over-the-counter trading amid persistent market volatility.

The firm added that technology and data revenue rose 7.5%, with information services up 8.6% and technology services up 5.7%, while securities and payments grew nearly 19%, led by Austraclear and issuer services.

The investment firm has a hold rating on ASX and a price target of AU$66.45 per share.