Phillip Capital has upgraded Singapore Exchange to "buy" from "accumulate" and raised its price target to $8.35 after increasing its FY2015 and FY2016 earnings estimates by 9% and 12% respectively to reflect its expectation of higher securities and derivatives trading values.The average daily value of stocks traded went up 7.7% q-o-q to $1.04 billion in the December quarter, despite that being a seasonally quiet period, Phillip Capital analyst Benjamin Ong noted in a report today.
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