NZX volumes up but value drops
More trades are being made on the NZX but trading values are down, new figures show.
The stock exchange operator's monthly metrics, released today, reveal 121,258 trades were made in March, up almost 50 per cent compared to March last year.
The average number of daily trades increased to 5774 a day, up 42 per cent year-on-year and up 17 per cent from the February average of 4934.
But despite this flurry of trading activity, the value of trades during March was down 23 per cent year-on-year at $3.3 billion.
This appears to be due to a larger number of smaller transactions with the number of trades below $50,000 jumping 54 per cent year-on-year to 112,353, almost 93 per cent of total trades.
Cumulative numbers for the year to date show the number of trades up 35 per cent, while trading value is down 20 per cent to $8.1 billion.
The figures also show the exchange has topped the $100 billion mark with a combined market capitalisation of $100.9 billion.
Equity market capitalisation increased 24 per cent year-on-year to $87.4 billion, equating to 38.5 per cent of New Zealand's GDP.
This improvement was partly a result of new listings such as the former SOE energy companies, as well as the stock market boom that saw the NZX 50 index up 16.2 per cent year-on-year in March.
The market capitalisation of listed debt declined slightly compared to the same time last year, down 5.8 per cent to $13.5 billion (6.0 per cent of GDP).
In the NZX soft commodities derivatives section, the number of lots traded increased 234 per cent year-on-year to 4615 in March.
Its grain trading business saw nearly 559,000 tonnes traded in March, up 30 per cent compared to the same month last year.