Daily volume down on NZX, but value up

The average volume of daily trades on the New Zealand stock exchange fell in November compared to the previous year, but the daily value of trades rose.

According to data released by New Zealand Exchange (NZX) today, the average number of daily trades fell to 2412 this November, down 10 per cent on the same time last year. NZX said trading numbers were stronger last November due to higher activity fuelled by the takeover of energy company Powerco by Australia's Prime Infrastructure.

W hile volumes were down, the average daily value traded was up 12 per cent on the previous year at $131 million.

Existing issuers raised an additional $212 million in November -- $151 million in debt and $61 million in equity.

For the year to date, the total capital raised on NZX's markets across debt and equity totals $3.5 billion, compared to the $2.7 billion raised by the same time last year.

The benchmark NZX 50 index was up slightly from last month, ending November at 3318 points.

Ryman Healthcare was the top performing stock in the top 50 index, rising 15.8 per cent over the month to $5.50. Kiwi Income Property Trust rose 12.8 per cent to $1.32.

On the downside, Tourism Holdings fell 12.4 per cent to $1.48; and Cavalier fell 15.2 per cent to $2.67.

- NZPA