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

 


UPDATE: NZX trading halted over system glitch

UPDATE: NZX trading halted over system glitch

(Updated with comments)

By Suze Metherell

June 27 (BusinessDesk) - All trading on the New Zealand stock exchange has been halted until further notice as the stock market operator deals with a technical issue.

Trading was halted half an hour into the morning session and had initially been expected to resume at 10:45am after a "restart to the message gateway" and connectivity was confirmed, and later targeted an 11:25am time to resume trading before saying it was "experiencing ongoing technical difficulties" and would stay "on halt until further notice."

The issue is a FIX messaging problem, and is the second technical glitch that has caused the stock market operator to halt trading this month.

"It's not that it happened, it is the regularity of it happening," Brian Gaynor, executive director at Milford Asset Management told BusinessDesk. "It happens around the world, you get these things, but it is happening too often with the NZX and I think it dents confidence in the way the organisation is run. It shouldn't have these kind of problems.

"They really need to scrutinise and investigate what's wrong, and what they can do to improve it," Gaynor said.

In April, opening trade on the market was delayed 15 minutes, without further explanation.

The trading halt comes in a week that saw two new listings on the NZX, Serko and Gentrack, while Hirepool had been set to list next month but has since pulled its inital public offer. Other upcoming listings include Scales Corp and IkeGPS.

DeutscheCraigs chief executive Brett Shepherd, whose firm has managed several of the recent IPOs, said he didn't think the NZX's technical issues would deter companies from listing, or offshore institutions investing in the local market.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news