NZX saw cash trading drop in the first half of the year, with fewer initial public offerings but more funds under management.
NZX saw cash trading drop in the first half of the year, with fewer initial public offerings but more funds under management.
NZX saw cash trading drop in the first half of the year, with fewer initial public offerings but more funds under management.
Total trades in the six months to June 30 were flat at 923,078, while total value traded dropped 12.7 per cent to $19.8 billion, with daily average valuetraded dropping 12.7 per cent to $161 million. The NZX50 Index was at 7,611 as of June 30, up 10.3 per cent on the year.
Total equity securities fell 4.7 per cent to 164 in the first half, with capital raised from initial public offerings and compliance listings down 42.9 per cent to $480m. Listed debt securities rose 18.8 per cent to 114, though new debt listings dropped 51.1 per cent to $1.54b.
Funds services continued to gain, with Kiwisaver funds under management up 23 per cent to $661m, while total Smartshares funds rose 18 per cent to $1.9b. Subscriptions for NZX's agri data products rose 17 per cent to 2,663 in the first half.
NZX had nine ongoing investigations into issuers at the end of the first half, compared to 12 a year earlier. While it doesn't routinely disclose the companies it is investigating, the regulator last week confirmed it is looking into Fletcher Building's additional profit warning for the year ended June 30 and the departure of chief executive and managing director Mark Adamson.
In April, the stock market operator appointed Mark Peterson as its chief executive and tasked him with growing the business to compete more effectively on the domestic and international fronts. Peterson had been acting CEO since Tim Bennett departed at the end of last year, and was previously NZX's head of markets. Chief financial officer Bevan Miller announced yesterday he will leave the market operator in October to take up the same role at Cooperative Bank.
NZX has forecast earnings before interest, tax, depreciation and amortisation of between $27m and $30m in calendar 2017, depending on the level of initial public offerings, secondary capital raisings, and trading and clearing volumes across its various markets.That would be up from $22.5m last year. It is due to announce its earnings on August 15.
The shares last traded at $1.16, and have gained 10.5 per cent so far this year.
