MSCI stock rises as its third-quarter results exceed Wall Street expectations

October 20 - ** MSCI MSCI.N shares rose 5.8% in early trading to $596.35 after releasing its third quarter financial results

** The index provider reported adjusted earnings per share of $5.11, far above the market expectation of $5.02 compiled by London Stock Exchange Group (LSEG)

** Operating revenue grew 12.4% to $892 million, surpassing the expected $885.8 million

** CEO Henry Fernandez said MSCI reached a record high in asset-based fees this quarter and that recurring net new sales in the index business unit also hit an all-time quarterly record

** “We are seeing extremely strong demand for both traditional and new solutions” — Fernandez

** MSCI indexes are widely used by investors and asset managers for portfolio benchmarking and as the basis for exchange-traded funds (ETF)

** Shares have risen about 4% year-to-date, including intraday fluctuations

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