1 Nov 2011

Stock exchange plan to expand markets proves worth

11:30 am on 1 November 2011

NZX says its plan to diversify earnings is paying off, with revenue rising 12% in the third quarter.

The stockmarket operator generated $13.9 million in the three months to the end of September compared with $12.2 million a year earlier.

NZX has expanded its operations into agricultural and energy markets to diversify its income sources.

Chief executive Mark Weldon says the company's strategy to build revenue streams is proving its worth.

Revenue from core markets rose more than 22% in the quarter, while its information arm was up more than 5%, led by a sharp rise in agri-information.

Infrastructure division revenue rose 16%.

The number of trades made on the stockmarket jumped by more than a half to almost 208,000 in the quarter, and the value of trades rose more than 40% to $7.5 billion compared with a year earlier.