IkeGPS, Comvita drop on SVB exposure

(Image: BusinessDesk/Dan Brunskill)

Mon, 13 Mar 2023

IkeGPS and Comvita slumped in early trading on the New Zealand stock exchange after saying they had money deposited with the failed Silicon Valley Bank. IkeGPS sank 10.6%, or 10 cents, to 84 cents as at 12.30pm on the NZX, while Comvita dropped 4.5% to $3.21. IkeGPS said it had about US$3.2 million, or NZ$5.3m, deposited at SVB of its $19.6m, whereas Comvita had US$2.5m tied up in the Californian bank. “Ike is still off 10% at the moment, but it’ll be interesting to see whether it comes back by the end of the day,&rdq...

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