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Revenue up for NZX

NZN 28/04/2016 Paul McBeth

NZX posted a 9.6 per cent gain in first-quarter revenue as more companies turned to the debt market to raise funds, driving listing fees for the stock market operator.

Revenue rose to $18 million in the three months ended March 31 from $16.4m a year earlier, it said.

Of that, listing fees made the biggest contribution at almost $3m, up 13 per cent from a year earlier, despite a sluggish start to the year for initial public offerings.

The pick-up in fees came from $1.4 billion of new debt being listed, with companies taking advantage of low interest rates to raise money.

NZX shares last traded at $1.01, and have dropped 8.4 per cent over the past year.

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