INDEPENDENT NEWS

Sharesies’ new NZX status shakes up the stock market

Published: Thu 20 Jun 2019 09:06 AM
20 June 2019
Sharesies is once again changing the investing landscape by becoming an NZX participant.
This new status allows Sharesies to trade shares in individual companies on the NZX through its online investing platform. From mid-July, Sharesies investors will have access to all companies listed on the NZX main board alongside its current share offerings in exchange-traded funds (ETFs) and managed funds.
Sharesies co-founder, Leighton Roberts, says the company was founded to make it more accessible for people to grow their wealth.
“We’re excited to bring NZX listed companies to our platform and make this accessible for our investors. It’s important more Kiwis get equal access to investment opportunities with whatever amount they can afford.”
“Currently only 20% of Kiwis invest in shares, with savings accounts and property being the most common investments. There are a lot of barriers in the way of investing in shares. We’ve spent the last 6 months working with NZX to become a market participant so we can give Kiwis even more access to the benefits of the share market, something we think is hugely important now more than ever given New Zealand’s current low-interest environment,” says Leighton.
Sharesies is the only investment platform in New Zealand offering fractionalised NZX shares, which means investors can invest a minimum of one cent per trade. This will apply to listed companies as well.
“It’s great to think that very soon New Zealanders will be able to own a bit of everything on the NZX for less than $2. Everything we do is about providing equal opportunities, whether you’re wanting to invest from 1 cent or $500,000. This will apply to our pricing model too. We know current pricing models make it more difficult for people purchasing small bundles of shares, so we’ll be looking to disrupt that when we launch in a few weeks’ time,” says Leighton.
NZX Executive Director of Markets Development and Clearing, Benjamin Phillips, comments: “We are excited to welcome Sharesies as an NZX trading and clearing participant. Sharesies, through its innovation is opening up market access to a wider range of New Zealand retail investors. This supports NZX’s strategy of growing market access and investment, and that the share market is a place for investors of all sizes.”
Leighton says: “Becoming an NZX market participant fulfils a major aspiration we’ve had since day one and means our 47,000 customers have access to a part of trading they’ve largely been shut out of. This is the culmination of months of hard work and really demonstrates how Sharesies has grown tremendously in two years since we founded the company.”
Founded in 2017, Sharesies has more than 47,000 customers and manages more than $57M in funds for New Zealanders, establishing itself as a game changer in the investment world.
ENDS

Next in Business, Science, and Tech

Competitiveness and transparency in the retail fuel market
By: New Zealand Government
A safer banking system for all New Zealanders
By: Reserve Bank
Christchurch plan to be NZ's aerospace testbed by 2025
By: Christchurch NZ
Abatement Notice served on Tamarind Taranaki Limited
By: Environmental Protection Authority
Changes recommended for winter grazing practices
By: New Zealand Government
Study recommends changes to benefit competion
By: Commerce Commission
Process concerns in market study
By: BusinessNZ
“At last!” says MTA in response to fuel market findings
By: Motor Trade Association
Reserve Bank decision will further slow nomy
By: New Zealand National Party
Banking industry welcomes conclusion to RBNZ capital review
By: NZ Bankers' Association
RBNZ's flawed bank capital process should be suspended
By: The New Zealand Initiative
Further consultation essential on bank capital proposals
By: BusinessNZ
Takinf full advantage of space
By: SpaceBase
Southland student set on satellite success
By: Great South
NZ First Welcomes Commitment to Improving Animal Welfare
By: New Zealand First Party
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media