NZX plans new market with fewer rules to attract smaller companies, replacing NZAX

Tue, 18 Mar 2014

By Suze Metherell March 18 (BusinessDesk) – NZX, New Zealand’s stock market operator, plans a new market with less disclosure obligations to attract smaller companies, eventually replacing the New Zealand Alternative Market, the NZAX. Wellington-based NZX launched the alternative index in November 2003 to target small to mid-size growth companies. It has 18 stocks with a market cap of $479.8 million and has declined 9.8 percent the past year, lagging an 18 percent gain in the benchmark NZX 50 Index over the same period. “AX didn’t work as...

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