The Globe and Mail reports in its Wednesday edition that TMX Group ($140.09) managed to fare better during the first three months of 2023 than the markets it owns. The Globe's Jameson Berkow writes that TMX Group posted record first-quarter revenue of nearly $300-million late Monday, thanks largely to the company's increasing focus on diversifying beyond a reliance on trading fees. Revenue from the trading and financing activities on TMX-owned platforms declined from the start of 2022 as volumes remain low and companies remain reluctant to raise funds amid volatility and economic uncertainty. However, the amount of money TMX generated from its global data, insights and analytics business grew by 14 per cent on a year-over-year basis as the company continued to pivot from its traditional stock exchange business. "We had significant momentum in some key areas despite the sustained challenge posed by macroeconomic conditions," TMX chief executive officer John McKenzie said on a conference call Tuesday morning. Bank of Nova Scotia analyst Phil Hardie increased his 12-month target price to $161 from $159 previously; National Bank Financial analyst Jaeme Gloyn also increased his TMX price target to $155 a share from $152.