NZ shares rise as Xero cracks $5 billion value

New Zealand shares rose, led by Xero on optimism more investors will focus on the cloud-based accounting firm’s growth potential.

While Wynyard Group, another high-growth tech company, surged to a new record.

The NZX 50 Index rose 35.070 points, or 0.7 percent, to 4814.874. Within the index, 21 stocks rose, 20 fell and nine were unchanged. Turnover was $95 million.

Xero, the top-performing stock on the NZX 50 last year, gained 7.4 percent to $39.25, pushing its market capitalisation above $5 billion. The stock is up 13 percent this year.

“We expect a huge year for Xero,” said James Schofield, a tech analyst at First NZ Capital. “We believe this global tech story will continue to gain awareness with global and especially US investors.”

Wynyard jumped 17 percent to $1.73 and has surged 28 percent so far this month, extending gains after saying United Arab Emirates money exchange GCC Exchange will use its anti-money laundering software to enhance its ability to detect, investigate, and report suspicious activity.

BusinessDesk

Follow Us
on Google+
Sponsored

Review: Lenmar Meridian iPhone Power Case

NetGuide The iPhone is known for not having the longest battery life. Too often you see people carrying their charger with them as the phone won’t make it through the day (and that’s without calling!). Battery cases have been around for a while, but what makes them better than just carrying the plug?   Read More →