NZX records growth in 2013

LAURA WALTERS
Last updated 08:00 30/01/2014
timbennett
NZX CEO Tim Bennett.

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The New Zealand stock exchange recorded growth in all areas of the capital market last year, including capital-raisings, listings and trading activity.

NZX's shareholder metrics for the year to December 31, showed initial public offering (IPO) activity was at a nine-year high, with $7.5 billion in new capital listed.

IPO activity was bolstered by the Government's asset-sales programme, which saw it sell a 49 per cent stake in Meridian Energy and Mighty River Power.

The Government also reduced its stake in already-listed Air New Zealand from 73 per cent to 53 per cent.

Listings of Airwork Group, GeoOp, SLI Systems, Synlait Milk, Snakk Media, Wynyard Group, Z Energy and the reverse-listing of Mad Butcher via Veritas also took place last year.

The NZX 50 Index was up 16.5 per cent for the year to 4737 points.

The total value traded on the NZX was up 39.6 per cent compared to 2012 to $42.3b.

Trading volume was up 32 per cent to 1,191,002.

Small trades with a value of less than less than $50,000 grew by 31.4 per cent last year, reflecting a resurgence of interest in capital markets by retail investors, NZX said.

The number of trades in the NZX's Dairy Derivatives business increased 52 per cent to 36,748.

Volumes traded on Clear Grain Exchange were down 24.5 per cent to 616,828 tonnes due to a significant amount of grain being sold earlier in the season, the stock exchange said.

NZX chief executive Tim Bennett said 2013 was significant in the history of New Zealand's capital markets in particular because of the resurgence of interest from retail investors.

"NZX continued to invest in building a strong foundation from which to grow the business and the capital markets in the long term," he said.

Meanwhile, NZX Regulation (NZXR) conducted 140 investigations and enquiries into possible breaches of NZX rules in 2013 and reviewed 44 complaints from third parties in relation to issuer and participant compliance.

NZXR supervises market participants and issuers, and assists the Financial Markets Authority as required under the Securities Markets Act 1988.

NZXR referred nine matters to the NZ Markets Disciplinary Tribunal in 2013, compared to five referred in 2012.

In August the NZX board established a regulatory governance committee to help the board fulfil its governance responsibilities relating to NZX's regulatory function.

And in November NZXR's enforcement policy was published.

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- Fairfax Media

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