5 Jul 2010

NZX's own shares pick up on buyback plan

6:33 pm on 5 July 2010

Shares in the NZX have risen 7% following the announcement that it intends buying back 3% of its shares because it believes its stock price is too low.

On Monday, NZX's shares gained 10c to finish at $1.56.

The company says that its current share price is significantly below what it considers to be its fair value, and that the price doesn't reflect the company's worth. Up to now, its shares have been in decline all year.

NZX is also planning to pay its annual dividend in two instalments, rather than just one.