UPDATE: NZX reopens after 1.5 hour delay

Wednesday 8th March 2017

(Updates with reopening, trading prices)

New Zealand's stock market has reopened after IT connection problems caused an hour-and-a-half delay.

The S&P/NZX 50 index was up 8.61 points, or 0.1 percent, to 7176.24 as at 11.42am on turnover of $19.5 million after opening at 11.30am. The late start was due to problems in Wellington-based NZX's trading system and FIX gateway connections" which have since been restarted. A staggered opening from 11am saw the benchmark index up 0.04 percent, or 3.15 points.

The stock market operator said all market participants had been notified.

NZX spent $7.3 million on information technology costs in 2016, which included software licence fees, software and hardware support and maintenance fees, telecommunications and data network costs and the cost of IT services provided by third parties. That was up from $6.2 million a year earlier and reflected more expensive data feeds for securities and agri data businesses, a weaker exchange rate pushing up the cost of software maintenance fees in US dollars, extra software licence costs in the energy business, and other price hikes and new services from third parties.

The last time the stock market operator faced a similar outage was in 2014 when it dealt with a series of glitches several months after launching the NASDAQ OMX X-stream trading platform, which let it branch into new securities trading such as derivatives and commodities.

NZX shares rose 0.9 percent to $1.11 in early trading.

BusinessDesk.co.nz

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