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NZX on-market trading ticks higher in July

Tuesday 6th August 2019

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The value of share trading through the formal stock exchange continued to tick higher in July although the average on-market trades were smaller.

The number of share transactions on the NZX climbed to 394,361 in July, 54.7 percent more than the same month a year earlier. Of that, 55.2 percent of the value traded was done on market, 9.1 percent more than a year ago.

The total value traded rose 7.7 percent to $2.66 billion and the average on-market trade was 25.2 percent smaller at $3,757.

NZX's stock market remains a favourite among investors this year. The large number of utilities, infrastructure companies and property firms - which typically offer reliable dividends - has been an attraction in a low interest rate environment. With the central bank widely expected to cut rates by 25 basis points to a record low 1.25 percent tomorrow and signal more to come, that situation is unlikely to change.  

The volume of total cash trading - including debt - rose 397,003, up 53.8 percent from a year earlier, while the value lifted 6.7 percent at $2.8 billion. The daily average turnover rose 2.1 percent on the year to $122 million.

In the debt market, transactions fell 15.5 percent from a year earlier to 2,642 while the total value traded was down 9.2 percent at $139 million.

The stock market listed $575 million of new capital in July, all of which was from retail debt listings. That takes the year-to-date total to $4.62 billion, largely in retail and wholesale debt, which has been a cheap funding source.

Some $524 million of secondary capital across 244 events was raised in July, taking the year-to-date capital raised to $4.17 billion in 1,001 transactions.

There were 132 equity securities listed as at  July 31, down 5.7 percent from a year earlier. Fund securities rose 25 percent to 45.  Retail debt securities were up 11.6 percent at 135. Five wholesale debt securities, and four other securities, such as tradeable rights and warrants, took total securities to 321, up 7 percent from a year earlier.

The market value was $190.6 billion, or 64.3 percent of gross domestic product. The market capitalisation was up 15.6 percent on the year. 

(BusinessDesk)

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