NZX boosts 3Q revenue 12％ as new listings drive trading
NZX lifted third quarter sales as newly listed companies and resurgent interest in the share market underpinned heavier trading volumes.
NZX, the stock exchange operator and supervisor, lifted third quarter sales as newly listed companies and resurgent interest in the share market underpinned heavier trading volumes.
The Wellington-based company's revenue rose 12 percent in the three months ended Sept. 30 from the same period a year earlier, as dairy processor Synlait Milk, intelligence software developer Wynyard Group and service station chain Z Energy joined the bourse it said in a statement.
That lifted listing revenue 36 percent from a year earlier, and was part of a 39 percent lift in trading volume, NZX said. The company's trading revenue climbed by a third, while clearing revenue rose 20 percent. Revenue gains were also supported by heavier than usual trading on the Clear Grain Exchange.
"NZX's third quarter revenues reflect the excellent health of the domestic equity markets, which has appositive flow-on effect on our business," chief executive Tim Bennett said. "Looking ahead over the next year, the IPO (initial public offer) pipeline remains promising and we are working hard to support a number of companies aiming to achieve their goals in this regard."
The stock exchange will today add Meridian Energy to the bourse today, the latest and biggest in the government's partial privatisation programme.
NZX said its third-quarter revenue gains were offset by a 2.4 percent decline in sales at its information unit, which hasn't recovered from a pull-back in rural spending during the drought earlier this year.
The stock market operator said its board has set up a new regulatory governance committee to aid in fulfilling its regulatory oversight function. The committee is tasked with reviewing the quality of decisions made by the regulation arm, and offer a forum for the head of regulation to discuss matters with the committee members.
Shares in NZX rose 0.8 percent to $1.26 in trading on Friday, and have increased 4.1 percent this year.
(BusinessDesk)
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NZX boosts 3Q revenue 12％ as new listings drive trading
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