N.Z. Tech Stock Up 3,000% Is Jumping Ship for Sydney Exchange
- Dual-listed Xero Ltd. to stop trading in New Zealand
- On track to be added to Australian benchmark: Morgan Stanley
Photographer: Fiona Goodall/Getty Images
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New Zealand’s stock market has become too small for Xero Ltd., whose market value has soared about 70-fold to NZ$4.28 billion ($2.98 billion) since its debut a decade ago.
The maker of cloud-based accounting software last month said it was leaving for a sole listing in Sydney, where the shares have traded since 2012. Xero, which is keeping its headquarters in Wellington, billed the move as a graduation of sorts, saying the move would improve trading in the stock, increase analyst coverage and draw bigger investors.