NZX trading activity increased in June, while the value of trade shrank, suggesting more activity by smaller investors.
The volume of cash trades on the NZX rose 11 per cent to 183,360 in June from the same month a year earlier, while the total value traded dropped 14 per cent to $3.7 billion, Wellington-based NZX said in its monthly shareholder metrics. The number of trades worth less than $50,000 increased 14 per cent to 174,379, accounting for 95 per cent of the total volume.
No new capital was raised through IPOs or compliance listings in the month, while $770 million was raised in new debt listings. A total of $1.39 billion was raised by existing issuers across 20 events in June, including $1.21 billion of equity and $185 million of debt.
NZX said last week that if the current relatively subdued capital raising and securities trading conditions persist, it expects profit to be in the middle of its forecast for 2017 annual earnings before interest, tax, depreciation and amortisation of between $27 million and $30 million, but if conditions improve it would deliver a result at the upper end.
The company is planning to carry out an extensive review of its business, which it says will help determine its future shape and influence the strategies it will adopt in growing the business and New Zealand's capital markets for the long-term.
