NZX Trading Slumps As Global Rout Demands Stocks
NZX Trading Slumps As Global Rout Saps Demand For Stocks
Dec. 2 – Trading on the NZX slumped 25% last month as the global financial rout eroded demand for stocks.
The total value of trade fell 57% to NZ$1.4 billion in November from the same month of 2007 and the daily average traded dropped 53% to NZ$72 million, according to NZX figures. The daily average number of trades slipped 18% to 2078.
The NZX 50 Index fell 2% to 2626.08 today and has shed almost NZ$3 billion of value in the past four weeks. The index has dropped about 33% this year.
Equity capital raisings amounted to just NZ$4 million last month, while NZ$2 million of debt was raised.