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NZX trading activity climbs in October

NZX trading activity rose in October, though the average on-market trade size slid as did the value of debt and equity transactions.

The Wellington-based stock market operator last week announced a “refreshed” market structure and updated listing rules as part of its ongoing efforts to bolster trading liquidity.

In October, the value of debt and equity transactions through the market dropped 10 percent to $1.56 billion from the same month a year earlier, amounting to 50.3 percent, which is down from 54.2 percent in September. Actual trading activity rose 24 percent to 269,868 in October; even so, the average on-market trade size dropped 31 percent to $7,823, while the total value traded fell 25 percent to $3.1 billion. The daily average value traded was $129 million.

The volume of share trading gained 25 percent to 267,333, for a 24 percent drop in value traded to $3 billion, while debt market trading shrank 25 percent to 2,535 for a 43 percent plunge to $101 million. Year-to-date activity rose 63.5 percent to 2.72 million transactions, while total value traded decreased 8.1 percent to $32.56 billion. The value of on-market trading was 53.1 percent.

The S&P/NZX 50 index ended the month at 8,752, up 7.4 percent from a year earlier, and closed yesterday at 8,778.78. Equity market capitalisation was $128.57 billion, or 44.4 percent of gross domestic product, while debt market capitalisation was $28.79 billion, or 10 percent of GDP.

While NZX failed to attract new listings in October with no initial public offerings or compliance listings, some $470 million of debt was listed in the month. Total listed securities rose 1.7 percent to 307 in October from a year earlier.

Firms raised $373 million in new capital in October across 120 events, taking the year-to-date total to $3.99 billion.

NZX's derivatives futures registered an 11 percent drop in lots traded to 23,135 in October from a year earlier, while options trading soared 267 percent to 6,970. Open interest rose 11.7 percent to 57,391.

The stock market operator's professional data terminal numbers declined 3.1 percent to 5,965 while its retail terminals slid 1.7 percent to 1,266. Its dairy data subscriptions jumped 26 percent to 963.

NZX's SuperLife funds under management gained 8.4 percent to $2.1 billion and its Smartshares funds increased 21 percent to $2.52 billion.

The stock last traded at $1.06, and has dropped 5.3 percent in the past year.

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