KEY POINTS:
The value of shares traded on the stock exchange in June fell 11 per cent in June to $2.58 billion from June last year, NZX reported today.
The number of trades fell 3 per cent and the average daily value traded was $129 million.
The sharemarket plunged 12
per cent during June.
A similar story has been seen played out on the world's stock exchanges, with the Dow Jones and S & P indexes in the US having their worst one month drop since September 2002. The Dow has now had its worst first half year since 1970.
The number of trades for the NZSX market was 47,946 for June 2008, down 2 per cent on the same period last year, while the value traded dropped 13 per cent.
The number of trades for the NZAX market was 289 in June, with the total value a minuscule $1m.
Total number of trades for the NZDX Market was 2570 for June 2008 while the value traded on the debt market was $181m.
Only $59m of new equity was raised during June while $160m of debt was raised. Total debt raised in the year to date is up 45 per cent on the same period in 2007.
The NZX today told two of its members, the listed finance companies Lombard Group and Dominion Finance that if they didn't file their late annual reports then it will suspend trading in their shares.
The companies were supposed to have handed in their annual reports - covering the 12 months up to the end of March 2008, to the exchange by the end of June - yesterday.
This hasn't happened, so NZX has told them that if the reports are not with them by the close of business on Monday July 7 - next Monday - then shares will be suspended from the start of trading on the following day.
On June 19, Dominion said it was going to ask for a moratorium on payments to its debenture holders. At March 31, these investors were owed $276 million, down from $350 million a year earlier.
Shares in Dominion Finance have fallen from a record high of $2.86 in May last year to just over 11 cents now.
It has announced it will stop paying interest to its debenture holders, pending a decision on the proposed moratorium. It has also suspended interest payments on its capital notes.
Lombard Finance, a subsidiary of the Lombard Group, went into receivership in April. Its idea for a moratorium was rejected by its trustee, Perpetual Trust. It owes $111 million to secured debenture investors and $16 million to unsecured note holders.
- NZPA/HERALD STAFF