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NZX says it doesn't know why shares have declined

Friday 24th October 2014

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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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