NZX says it doesn't know why shares have declined

Friday 24th October 2014

NZX, the stock market operator, said it doesn't know why its share price has declined, in response to a query from its disciplinary arm.

The New Zealand Markets Disciplinary Tribunal special division was alerted on Oct. 17 when shares of NZX fell 8.7 percent over 20 days to $1.16 from $1.27. The share price fell further to close at a two-year low of $1.14 on Oct. 20, which is 17 percent below its June 20 close of $1.38, special division chairman Andrew Beck said in a query to the NZX.

"We are aware of no specific reasons for the price decline," NZX chief financial officer Bevan Miller said in a statement responding to the query. He said the NZX had complied with listing rules requiring the timely disclosure of material information.

Shares in Wellington-based NZX gained 0.9 percent to $1.16 and have shed 7.3 percent so far this year.

BusinessDesk.co.nz

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