Xero shares recoup some losses

Last updated 17:22 09/04/2014

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Xero shares have recouped some of yesterday's losses, closing up 1.8 per cent to close at $32.08 on the NZX.

The stock, which had lost $774 million off its market capitalisation in the preceding 48 hours, appeared to have been assisted by a bounce back by technology stocks in the United States overnight.

Xero shares lost some steam during the day, having reached a high during the session of $33.

Xero chief executive Rod Drury has indicated the movements in Xero's share price were of little consequence for the cloud software firm, as it held $210m in cash at the end of last month and so had no short or medium-term need to go back to the market for more equity.

Xero expects to post a loss of about $35m when it next month posts its audited annual results for the year to March 31.

Forsyth Barr analyst Andrew Harvey-Green said it forecast Xero's annual loss would rise to $47.5m in the 2014-15 financial year just started, on a 95 per cent rise in revenues to $137m.

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- Fairfax Media

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