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The value of trading on the sharemarket fell 17 per cent last month compared with a year ago when turnover was boosted by a huge sell-off in market leader Telecom after a leak of Government plans for tough new regulation for the telco.
According to monthly data released yesterday by market operator New Zealand Exchange, turnover on the NZSX main board in May was down by value to $3.66 billion.
Head of markets Geoff Brown said turnover for last May, which was the exchange's biggest month last year, were inflated by trade in Telecom.
While turnover is down by value, it remains comparatively firm by number of trades, which is down just 2 per cent on a year ago.
"To be down 2 per cent on the best month last year is not bad," said Brown.
This year, trading had been much more broadly based, "so there was a better feel to the market".
Brown also pointed out the strong performance of NZX's markets as measured by their headline indices, with the NZX50 up 19 per cent on a year ago and the NZAX up 12 per cent.
The amount of capital raised across NZX's equity and debt markets was $1.99 billion over the five months to May and was on track to exceed last year's record $4.1 billion.
