Xero cracks $2 bln market cap, lifting Drury’s paper fortune to $388M

Wed, 03 Jul 2013

By Paul McBeth July 4 (BusinessDesk) - Xero, the cloud-based accounting software firm, has doubled its market capitalisation in just four months, rising above $2 billion today, having still to turn a profit. The shares rose 3.9 percent to $17.40 on turnover of some $935,000, valuing the company at $2.04 billion and adding to its 120 percent jump this year. That makes it the 11th biggest company on the stock exchange, leapfrogging online auction site Trade Me, which is valued at $1.96 billion. The Wellington-based company joined the billio...

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