New Zealand sharemarket 36% foreign-owned
Little change from last year as mergers and acquisitions dry up.
Foreign ownership of the New Zealand equity market has flatlined amid a dearth of mergers and acquisitions.
A yearly survey by Goldman Sachs & Partners shows foreign ownership of the stock market in the June quarter was 35.9%, compared to 36.1% in the same period last year.
There were minimal changes to foreign ownership levels, of the 51 companies surveyed; the only notable changes is the increased stake of Agria in PGW and the sell down of Turners Auctions from White River Partners.
New Zealand Managed funds' share of the equity market increased from 20.5% to 22.3%, the highest level since the initiation of this survey, while total strategic stakes reduced from 35.2% to 33.0%.
"One of the trends our Offshore Ownership Survey has captured over the years is a steady leakage of equity supply into the unlisted sector, primarily via takeover activity," JB Were (NZ) economist Bernard Doyle says.
"We consider improving the flow of equity supply as critical to restoring the NZ market's role in the economy.
Niko Kloeten
Tue, 06 Sep 2011
Tue, 06 Sep 2011
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New Zealand sharemarket 36% foreign-owned
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