NZX named preferred supplier by Electricity Authority

Friday 21st August 2015

NZX, the stock market operator, has been named preferred supplier by Electricity Authority to continue managing all its market operations, including pricing, clearing and wholesale information.

The eight year contracts to be the authority's clearing manager, reconciliation manager, pricing manager and wholesale information and trading system manager were recently put out to tender, with the potential for them to be extended, NZX said in a statement.

Earlier this week, the stock market operator reported a decline in first-half operating earnings as costs outpaced sales growth, fewer companies listed and agricultural publications suffered in a tighter rural sector. Underlying profit fell 12 percent to $6.2 million in the six months ended June 30. Sales rose 10 percent to $34.4 million, while operating expenses rose 19 percent to $22.7 million.

It reported that its market operations, which includes the Electricity Authority contracts and the Fonterra Shareholders' Market, were little changed at $5.3 million.

NZX shares last traded at $1.06 and have fallen 12 percent over the past 12 months.

BusinessDesk.co.nz

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