3 May 2013

Stock market revenue up

8:02 pm on 3 May 2013

Stock market operator NZX says revenue rose 4% to $14.1 million in the first three months of the year, driven by stock market trading and the success of its Fonterra shareholders market.

Funds have been pouring into equities, fueled by the recovery, more kiwisaver money, low interest rates and recent share floats. But information revenue fell.

The company's agricultural unit has been hurt by the drought, while the high New Zealand dollar and lower spending in capital markets meant securities data revenue fell.

NZX chief executive Tim Bennett said the partial listing of Mighty River Power and planned share floats by firms like Z Energy, mean the momentum is set to continue.

He says the stock exchange isn't nervous about the coming debut of trading in Mighty River Power shares next Friday.

"We've done a number of IPOs (initial public offerings) over the years - we listed Fonterra last year - there's always a sense of uncertainty about what happens to the price on the day ."

Mr Bennett says NZX is confident that all its systems and infrastructure in place and is looking forward to the Mighty River Power debut.