The NZAX All Index will be made up of all standard listed issuers on the NZAX Market and will be available for all NZX broadcast data subscribers from today, 1 March 2004. The base date of the index is 14 November 2003, the date of the market's inception, and new companies will be added to the index as they list.
"We wanted to create an easy mechanism for investors, fund managers and the media to track the performance of the small to medium sized company segment which is so predominant in New Zealand," said Guy Fisher, NZX Index Manager. "The index should also help raise the profile of the companies listed on the NZAX Market, which is steadily gaining momentum with both companies and investors."
Recent analysis shows that the seven companies that graduated to the NZAX from the unlisted facility have experienced strong gains in share prices and trading volumes since the new market opened.
The companies realised a 52 per cent average increase in the number of trades and a 34 per cent average share price gain over the period under review, compared with the same period a year ago.
The analysis compared the 11-week period from 14 November 2003 to 31 January 2004 with the equivalent period in 2002-2003.
A stand-out performer in both the share price and volume categories was natural health product supplier Comvita Limited, which doubled its share price and experienced a more than eight-fold increase in the number of shares traded.
In the volume category, Oyster Bay Marlborough Vineyards Limited increased 127 per cent, Seeka Kiwifruit Industries Limited was up 200 per cent and Zintel Communications Limited jumped 410 per cent.
Loan and Building Society, Zintel Communications Limited and Seeka Kiwifruit Industries Limited all experienced share price increases of between 35 and 52 per cent.
The NZAX Index will be calculated on a gross basis, consistent with all other NZX indices. NZX has published the NZAX Index performance online at www.nzx.com/market/index_summaries/AXAS and a list of the NZAX All constituents at www.nzx.com/nzxmarket/nzax/nzaxall.