4 Jul 2013

Xero's shares rise again to a high of $17.56

7:02 pm on 4 July 2013

Shares in the market's tech darling, Xero, soared yet higher on Thursday to yet another record, taking the stock's gains over the past 12 months to nearly 250%.

The shares rose as much as 81 cents to $17.56 before easing to end the day at $17.49.

That's taken its market value to more than $2 billion.

That means the market is saying Xero is worth just slightly less than Sky Network Television and more than both TradeMe and Fisher & Paykel Healthcare, both of which are making annual profits $70 million - $80 million.

The accountancy software company has yet to report a profit, and lost $14.4 million in the 12 months ended March.