NZX Announces Sale of Australian Grain Data Business

The New Zealand Stock Exchange (NZX) has announced another sale of its non-core business today. This time, it’s the sale of its Australian grain data business to Rural Bank for an undisclosed figure.

The sale to Rural Bank, Australia’s only owned and operated dedicated agribusiness bank, will be effective as of August 31, 2018. As a result, the six Melbourne-based staff members of Australian Crop Forecasters and Profarmer Australia will transition with the sale. This will see NZX close its Melbourne office.

According to the statement, the New Zealand exchange will write down NZ$2.1 million in intangible assets. As of December 31, 2017, the company had NZ$ 36.3 million in intangible assets.

Commenting on the sale, CEO of NZX, Mark Peterson, said: “This divestment is a positive outcome for all parties. The transaction continues the NZX’s Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term of its strategy announced in November last year, which outlined an increased focus back on its core markets business.”

NZX selling off its non-core businesses

The selling of its Australian grain data business closely echoes a previous sale it made earlier this year. This was when the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term sold its rural newspaper Farmers Weekly to its former owners Dean and Cushla Williamson. The amount of this sale was also undisclosed. It also saw the new entity keep on all of the existing 15 staff members.

So far this year, NZX shares have dipped 1.8 percent. They last traded at NZ$1.10. The exchange is planning to release its first-half earnings on August 15, 2018.

The company’s first-half results for 2017 showed a mixed performance overall. The group’s revenues were slightly lower year-over-year while operating costs saw a sizable decline relative to the same period a year ago.

Specifically, during the six month period through to June 2017, the exchange’s operating revenues came in at NZ$36.5 million ($26.5 million). The was a decline of around 3.6 percent year-over-year.