NZX saw cash trading drop in the first half of the year, with fewer initial public offerings but more funds under management.
Total trades in the six months to June 30 were flat at 923,078, while total value traded dropped 12.7 per cent to $19.8 billion, with daily average value traded dropping 12.7 per cent to $161 million. The NZX50 Index was at 7,611 as of June 30, up 10.3 per cent on the year.
Total equity securities fell 4.7 per cent to 164 in the first half, with capital raised from initial public offerings and compliance listings down 42.9 per cent to $480m. Listed debt securities rose 18.8 per cent to 114, though new debt listings dropped 51.1 per cent to $1.54b.
Funds services continued to gain, with Kiwisaver funds under management up 23 per cent to $661m, while total Smartshares funds rose 18 per cent to $1.9b. Subscriptions for NZX's agri data products rose 17 per cent to 2,663 in the first half.
NZX had nine ongoing investigations into issuers at the end of the first half, compared to 12 a year earlier. While it doesn't routinely disclose the companies it is investigating, the regulator last week confirmed it is looking into Fletcher Building's additional profit warning for the year ended June 30 and the departure of chief executive and managing director Mark Adamson.
