Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Record trading in Xero ahead of inclusion to ASX All Ords

Record trading in Xero ahead of inclusion to ASX All Ords

March 21 (BusinessDesk) - Xero, the cloud-based accounting software developer, reported record share trading today as about 2 percent of the company changed hands with turnover of about $117.7 million, ahead of its addition to the ASX All Ordinaries Index.

More than 2.7 million Xero shares were traded on the NZX today, topping the 2.57 million shares changing hands on May 31 last year, when then-chairman Sam Knowles and chief operating officer Alastair Grigg lodged notices to the stock exchange saying they had sold down their holdings in the software developer.

Of today’s trades, there were six transactions ranging from 100,000 to 600,000 shares, accounting for 1.59 million shares changing hands, according to Reuters data. The price fell 2.4 percent to $43.45, valuing the company at $5.54 billion.

On March 7, the Wellington-based company said it would be added to the All Ordinaries Index at the close of trading today. That means investors who track the index will need to buy the stock for their portfolios.

The stock is rated an average ‘hold’ based on two analyst recommendations compiled by Reuters, with a median target price of $35.23.

As at May 10 last year, 54, or 1.1 percent, of Xero’s 4,715 shareholders held 83.7 percent of the company, according to its 2013 annual report. It since raised $180 million, mainly from US investors, in a capital raising, giving it funds to pursue growth aspirations in the world’s biggest economy.

Chief executive Rod Drury is the biggest shareholder with a 17 percent stake, followed by MYOB founder Craig Winkler with 15.7 percent, according to substantial shareholder notices.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Crown Accounts: Government Ekes Out Six-Month Surplus Of $9M

The New Zealand government eked out a tiny surplus in the first six months of the fiscal year as growth in domestic consumption lifted the goods and services tax take, while uncertainties over the Kaikoura earthquake costs meant expenses were less than expected. More>>

ALSO:

Almost 400 Jobs: Shock At Cadbury's Dunedin Factory Closure

Workers at Cadbury in Dunedin are reeling after learning this morning that the iconic Cadbury factory is to close, with the loss of almost 400 jobs... “The company had reported it was doing well and this has come out of the blue,” says Chas. More>>

ALSO:

Transport: Boards Of Inquiry For Auckland Roading Projects

Boards of Inquiry have been appointed to decide on two significant Auckland roading projects in a move which will get a decision by the end of the year, Environment Minister Dr Nick Smith and Conservation Minister Maggie Barry announced today. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news