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

 

NZX goes back to basics in 'fundamental reset'

NZX goes back to basics in 'fundamental reset'

By Paul McBeth

Nov. 16 (BusinessDesk) - NZX is renewing its focus on its core market platform in what the stock market operator calls a "fundamental reset" of the business to drive shareholder value and reinvigorate New Zealand's capital markets.

The Wellington-based company released details of a new strategy after a five-month review which puts its dominant markets division front and centre, NZX said in a statement. Its executive team is briefing investors on the updated strategy today, which singles out debt, dairy derivatives and environmental and energy markets as growth opportunities tied to that business.

"We are refocused on our core markets business, which is NZX’s fundamental growth platform, and the basis of our social licence to operate," chief executive Mark Peterson said. "Our success is linked to New Zealand’s success, and we will grow opportunities aligned to this advantage, including our debt, dairy derivatives, and environmental and energy markets."

The stock market operator has come under pressure to spur more interest in the country's regulated market with just one initial public offering this year, and the looming departure of high-profile Xero announced last week. Peterson was appointed chief executive this year and was tasked with growing the business to compete more effectively on the domestic and international fronts.

Headlining the five planks to the new strategy is a refocusing of NZX's core business to support current and prospective issuers, drive secondary market activity and grow existing data revenue. That includes work to update NZX's participant and listing rules and governance code, which would also streamline the marketplace and make it easier for issuers to use a broader range of products. It also puts forward new pricing options to drive the secondary market.

On growth opportunities, NZX will seek to expand its dairy offering, and target energy and environment markets, while also maximising its burgeoning funds management and wealth technologies divisions.

NZX said it will look to create a "fit and lean" business, managing costs and simplifying the business. The board is undertaking a capital review and will update the market at the annual results.

"We look forward to building on the momentum created during this review as we continue to put our strategy into action in 2018 and beyond," Peterson said.

NZX shares were unchanged at $1.14, and have risen 9 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Transport: Successful Bridge Repair Opens Two Additional Lanes To Traffic

The opening of two additional lanes on the Auckland Harbour Bridge this morning will help relieve some motorway congestion for motorists heading home to the North Shore tonight. More>>

ALSO:

Statistics New Zealand: COVID-19 Sees Record 12.2 Percent Fall In New Zealand’s Economy

Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted economic activity, Stats NZ said ... More>>

ALSO:

Climate: Scientists Release ‘Blueprint’ To Save Critical Ecosystems And Stabilize The Earth’s Climate

A group of scientists and experts produced the first comprehensive global-scale analysis of terrestrial areas essential for biodiversity and climate resilience, totaling 50.4% of the Earth's land. The report was published in Science Advances ... More>>

ALSO:

MPI: Independent Review Launched Into Assurances For Safe Transport Of Livestock By Sea

The Ministry for Primary Industries (MPI) has launched an independent review of the assurances it receives for the safe transport of livestock by sea. MPI Director-General Ray Smith says Mike Heron QC has been appointed to lead the review, which is expected ... More>>

ALSO:


Computers: New Zealand PC Market Grows Nearly 40% Due To Work From Home Demand

COVID-19 had large impacts on demand for PCs as businesses prepared for lockdowns by purchasing notebooks to mobilise their workforce. In the second quarter of 2020, New Zealand's Traditional PC market experienced a 39.7% year-on-year (YoY) growth ... More>>

ALSO:


University Of Auckland: Whale-Watching By Satellite – Follow Their Travels Online

Scientists have successfully attached satellite tracking tags to six New Zealand southern right whales, or tohorā, and are inviting the public to follow the whales’ travels online. Part of a major research project involving the University of Auckland ... More>>

Commerce Commission: Kiwibank Admits System Failures And Agrees To Pay Customers $5.2 Million

Kiwibank has entered into a settlement agreement with the Commerce Commission after reporting that it failed to have in place robust home loan variation disclosure policies, procedures and systems. In a settlement dated 27 August 2020, Kiwibank admitted that ... More>>

Ministry of Health: Public Transport Distancing Requirements Relaxed

Physical distancing requirements on public transport have been reviewed by the Ministry of Health to determine whether they are still required at Alert Level 2 (or below). The Ministry’s assessment is that mandatory face covering and individuals tracking ... More>>

ALSO:

NZHIA: New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs

A new report says a fully enabled hemp industry could generate $2 billion in income for New Zealand by 2030, while also creating thousands of new jobs. Written by industry strategist Dr Nick Marsh, the report has prompted calls from the New Zealand Hemp ... More>>

ALSO:

Stats NZ: One In 14 Employed People Report High Risk Of Losing Jobs

About one in 14 workers say they expect to lose their job or business by mid-2021, Stats NZ said today. A survey of employed people in the June 2020 quarter showed 7 percent felt there was a high or almost certain chance of losing their job or business ... More>>

ASB Quarterly Economic Forecast: NZ Economy Doing Better Than Expected, But Challenges Remain

August lockdown estimated to have shaved 8% off NZ’s weekly GDP, and 0.5% off annual GDP Economy now expected to shrink 5% (year-on-year) by end of 2020 Unemployment rate now expected to peak at 7.2% The latest ASB Quarterly Economic Forecast is less ... More>>

ALSO: