Xero hits new all-time high as co. added to FTSE Asia Pacific index

Xero CEO Rod Drury with NZX CEO Tim Bennett in Auckland Jan 30

Xero shares [NZX:XRO] were up 5.61% to $45.01 in midday trading for a new all-time high market cap of $5.74 billion.

The gain has seen the accounting software company consolidate its position as the second most valuable company on the local bourse (behind Fletcher Building on $6.7 billion).

Xero has been included in FTSE’s Asia Pacific global equity index, excluding Japan, after its March review, released yesterday.

The company is now included in the index's mid-cap section, with an “investability weight” of 60%.

Fund managers who track the index will now have to buy in to Xero, by March 24.

Other New Zealand inclusions in the index are Fletcher Building (large cap), Ryman Healthcare (mid cap), Z Energy, Metlifecare, Argosy Property, Synlait Milk, Chorus and A2 (small cap).

The same list says Xero, with Ryman, is included in the FTSE All-World index (while Chorus has been excluded), as well as the FTSE All-Cap (LMS) index, alongside Z Energy, Metlifecare and Argosy Property, Synlait Milk and A2.

RATING XERO

Woodward Partners Securities:  Reduce; 12-month target: $27.00 
Forsyth Barr: Underperform; 12-month target: $24.75
First NZ Capital: Outperform; 12-month target: $45.70

XERO HALF-YEAR RESULT (reported Oct 3, 2013)

Loss: 17.1 million
Revenue: $30.3 million
Cash: $230 million
Customers: 250,000 as of February 2014. No geographic breakdown given beyond 100,000 in Australia. (In October 2013, with customers at 211,300, Xero gave the following geographic breakdown - NZ: 85,500; Australia :79,100; UK 30,100; US/rest-of-world: 16,600)
See also NBR's report on Xero's Jan 31 NZX update: Xero customer receipts rise 14% in 4Q as cash burn creeps higher

Xero 12-month price history (NZX.com)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7282 -0.0001 -0.01%
AUD 0.9496 0.0030 0.32%
EUR 0.6481 -0.0008 -0.12%
GBP 0.5610 0.0025 0.45%
HKD 5.6459 0.0007 0.01%
JPY 73.9540 0.4370 0.59%

Commods

Commodity Price Change Time
Gold Index 1319.6 -1.410 2016-09-29T00:
Oil Brent 49.8 0.570 2016-09-29T00:
Oil Nymex 47.8 0.780 2016-09-29T00:
Silver Index 19.2 0.070 2016-09-29T00:

Indices

Symbol Open High Last %
NZX 50 7343.4 7343.4 7343.4 -0.50%
NASDAQ 5311.3 5317.0 5318.5 -0.93%
DAX 10545.6 10575.3 10438.3 -0.31%
DJI 18322.9 18366.2 18339.2 -1.07%
FTSE 6849.4 6941.1 6849.4 1.02%
HKSE 23828.6 23828.6 23619.7 0.51%
NI225 16606.3 16756.4 16465.4 1.39%
ASX 5412.4 5473.3 5412.4 1.09%