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

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news