NZX strengthens grain offering with purchase of Australian Crop Forecasters

Monday 30th November 2009

NZX Ltd, the stock exchange manager which has reduced its reliance on listing fees by diversifying into agricultural and energy data and media, has added to its grain offering with the acquisition of Australian Crop Forecasters.

No price was given for the purchase. ACF publishes monthly subscription reports on Australian grain supply and demand, NZX said in a statement today. The forecasting business adds to its acquisition last month of CLEAR Grain Exchange, the Australian grain industry’s only full-service electronic grain trading market.

NZX recognises the growing importance of agricultural markets and is committed to playing a role in its growth and success of these markets,” chief executive Mark Weldon said.

The markets manager extended its reach into Australia with the 2008 purchase of ProFarmer, an agricultural news and commodities service and added CLEAR Grain Exchange this year. The purchases add to its Agrifax data service and a suite of farm-based publications in New Zealand.

Shares of NZX fell 0.5% to $7.84 today and have surged 60% this year, marking the shares as one of the best performers on the NZX’s own bourse.

Australian Crop’s Ron Storey and Gavin Warburton will continue with the business, NZX said.

Businesswire.co.nz

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