NZX Ltd., the operator of New Zealand’s stock exchange, fell the most in nine years after saying that first-half profits would drop on lower trading values and higher expenses.
The shares decreased 10.6 percent, the most since June 2003, to NZ$1.18 at the 5 p.m. close.
First-half net profit after tax will be between NZ$3 million ($2.4 million) and NZ$4 million, compared with NZ$4.5 million a year earlier, the Wellington-based company said in a statement, citing preliminary unaudited estimates. While trading volumes were higher, transaction values fell 12.4 percent in the second quarter compared with a year earlier, similar to offshore trends, according to the statement.
Expenses may have increased as much as NZ$3 million in the first half, partly due to a change of chief executive officer in May.
Listings and secondary capital raisings were down “significantly” from a year earlier, the company said. Derivatives and commodities showed “strong” growth.