Second month of weak trading for NZX

NZX reported a further drop in both the value and volume of trading last month as a picture emerges of a domestic economy that’s struggling to pick up pace.

The total value of trades sank 37% to $1.45 billion in July from the same month of 2009, while average daily trades declined 9% to 2,001. Liquidity declines reflected a similar phenomena experienced by global markets including Hong Kong and New York, the NZX said in its operational report for July.

On the NZX Market, or main board, the value of trade dropped 35% to $1.36 billion and total traded slid 12% to 39,853. The NZDX debt market recorded a 52% decline in value of trade to $98 million, with 4,062 trades, down 12%.

On the NZAX market, which was established to help start-ups and firms with alternative structures such as cooperatives tap capital markets, trading fell 20% to just $700,000 and total trades slumped 58% to 106.

The shares rose 2 cents to $1.50 today and have fallen 18% in the past three months.

Businesswire.co.nz

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