Xero to quit NZX

ACCOUNTING software group Xero is quitting the New Zealand stock exchange to join the Australian Securities Exchange.

The Wellington company has announced it will move its listing across the Tasman next February.

Xero, which will stay at its existing headquarters, says it is making the move to encourage more stockbrokers and analysts to take an interest in the group, and to increase its relevance “to a more diverse range of large investors”.

“We’re still building the business for massive scale,” chief executive Rod Drury said.

Xero reported a $NZ21 million ($19 million) net loss in the six months to September.