Xero, NZX shares fall as local market darling announces plan to delist, shift to ASX

Wed, 08 Nov 2017

By Jonathan Underhill Nov. 9 (BusinessDesk) - Shares of Xero and NZX fell after the cloud-based accounting software firm said it would delist from the local stock market in favour of an ASX listing to broaden its pool of investors and analysts. The announcement is a blow to NZX, which has struggled to stem a flow of New Zealand companies across the Tasman and has little in the way of a pipeline of new firms coming to market. In October, total equities on the NZX fell 5.3 percent from a year earlier to 162 and there were no IPOs or complia...

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