NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business / Companies

Stock Takes: What will it take to break NZ's listing drought?

Tamsyn Parker
By Tamsyn Parker
Business Editor·NZ Herald·
16 Feb, 2017 01:00 AM5 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

LISTING DROUGHT: Lawyer Roger Wallis says Australia can do 80 new share market listing a year so why can't New Zealand do 10?

LISTING DROUGHT: Lawyer Roger Wallis says Australia can do 80 new share market listing a year so why can't New Zealand do 10?

Law firm Chapman Tripp is predicting the NZX will attract just three initial public offers this year - a level that means the market is unlikely to grow again this year.

While the value of listed companies rose last year, the number of issuers declined for the first time in five years.

Roger Wallis, a partner at the law firm, says three listings or even five means the local bourse is not really sustainable.

"It is not terminal but it could be if we are not careful," he says.

He believes too many New Zealand based companies are choosing to list only on Australia's stock exchange.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

Wallis points to Powerhouse Ventures, Volpara Health Technologies and 9 Spokes as examples of New Zealand companies that have all chosen to raise money and list on the ASX rather than listing in their home country market.

At the same time other big corporates which could have listed here have either been sold to private overseas interests or have listed in other countries - that includes the Sistema sale to a US Fortune 500 company, Brew Group, the owner of Bell Tea which was sold to a Dutch company and Bendon which will back-door list on the NASDAQ.

Wallis says part of it is the cycle we are currently in with private equity investors cashed up and looking to buy but he believes the NZX could do better.

"I don't want to bag them, they are trying, but if we were to put a lot of extra resource into it, it could be better."

Wallis would like to see 10 new listings a year and says they could come from a variety of places like more mixed-ownership models at both a local council and government level.

Discover more

Business

Ports of Auckland dividend unchanged

22 Feb 08:14 AM

He points to Ports of Auckland and says that is a prime business that could benefit from a partial listing and says while the government promised not to list any more businesses in this term they could consider others if re-elected including the likes of TVNZ.

He would also like to see more Australian-listed companies with New Zealand businesses dual listing on the NZX.

There has been a big shift in the last year for New Zealand listed companies to also list on the ASX through a foreign exempt listing.

Advertisement
Advertise with NZME.

In 2015 nine main board companies had a foreign exempt listing on the ASX but last year that increased to 34.

Wallis says the move means Australian institutional investors can invest in those companies which is good news for New Zealand companies who get access to more investors.

The NZX does benefit through more share trading but it would be better if it could have more secondary listing business as well.

Beat them or join them?
The NZX has always struggled to compete with the ASX so it begs the question as to why not just join them?

Wallis says there has been global mergers of exchanges in recent years.

"But the danger in that is if the ASX were to get approval to take over the NZX they would only focus on the more profitable end of the business - the big corporate listing fees."

Advertisement
Advertise with NZME.

Wallis believes it is also important for our own identity to have a local bourse.

But he does think it would be better for the NZX to consider rolling its three boards into one.

Currently there is the main board, NZAX which is closed to new listings and NXT which was launched in 2015 to target growth companies with revenue of $10m to $100m.

NXT has so far only managed to attract four listings and Wallis believes its requirements are too restrictive.

"I think it makes sense to roll them all together."

Rather than having three sets of listing rules different rules could apply to different parts of the market, he says.

Advertisement
Advertise with NZME.

The NZX is currently in the process of appointing a new chief executive and it will be interesting to see what changes a new broom could sweep in.

Results Peak
Results season will swing into full action next week and there's going to be some busy days for analysts and investors alike with some serious diary date clashes.

Tuesday and Thursday are set to be the busiest.

PGG Wrightson, Tourism Holdings, Heartland Bank, Comvita and Mercury are all due to announce half year results on Tuesday while Trade Me, Summerset Group, Air New Zealand, SLI Systems and Vital Healthcare Property Trust will all come out with results on Thursday.

Gentrack is also set down to hold its annual general meeting on Thursday.

Analysts and investors have previously petitioned companies to try and get better co-ordination for result releases but it never seems to get any better.

Advertisement
Advertise with NZME.

Sandwiched between the two busiest days of the reporting season Wednesday will also see half year results from market heavy-weights Meridian Energy and Fletcher Building.

Fletcher Building is seen as a bell-weather stock for the New Zealand economy.

In the past the company had a much bigger investment in the Australian market but it's now very much New Zealand-centric and has a big focus on residential building.

It will be interesting to note how it sees the building environment with the slow-down in Auckland house sales and property price growth countered by the ongoing demand for new supply.

Canterbury's residential re-build is pretty much done so the focus is really on Auckland now.

According to estimates by the ANZ bank in Treasury documents, released by the Labour party this week, the housing shortage in New Zealand has reached 60,000 and is growing by 40 houses a day.

Advertisement
Advertise with NZME.

ANZ estimated that the gap between supply and demand was 4000 houses each quarter.

That will be music for the ears of Fletcher Building's executive team.

Save

    Share this article

Latest from Companies

Premium
Companies

$30 billion blast-off: Why Rocket Lab just hit an all-time high

08 Jul 03:33 AM
Employment

Uber grilled in Supreme Court on the status of its drivers

08 Jul 03:23 AM
Premium
Airlines

Jetstar in top 10 as world’s cleanest airlines ranked

08 Jul 02:21 AM

From early mornings to easy living

sponsored
Advertisement
Advertise with NZME.

Latest from Companies

Premium
$30 billion blast-off: Why Rocket Lab just hit an all-time high

$30 billion blast-off: Why Rocket Lab just hit an all-time high

08 Jul 03:33 AM

Recent US political developments impact Rocket Lab, Infratil and Allbirds.

Uber grilled in Supreme Court on the status of its drivers

Uber grilled in Supreme Court on the status of its drivers

08 Jul 03:23 AM
Premium
Jetstar in top 10 as world’s cleanest airlines ranked

Jetstar in top 10 as world’s cleanest airlines ranked

08 Jul 02:21 AM
Premium
Mercury inks long-term power deal to support NZ packaging giant

Mercury inks long-term power deal to support NZ packaging giant

08 Jul 12:35 AM
Solar bat monitors uncover secrets of Auckland’s night sky
sponsored

Solar bat monitors uncover secrets of Auckland’s night sky

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP