One day in tech eclipses NZ stocks

The Dominion Post - - Business - TOM PULLAR-STRECKER

Shares in the United States’ top five tech stocks jumped by US$184 bil­lion (NZ$267b) overnight on Fri­day, an amount which is more than dou­ble the com­bined value of all of the stocks on the NZX.

Re­tail and com­put­ing gi­ant Ama­zon was the star per­former. Its shares leapt by US$128 – or 13 per cent – overnight to a record high of US$1100, adding US$61b to its mar­ket value.

Mi­crosoft’s value jumped US$40b as its shares rose more than 6 per cent.

Fel­low US tech gi­ants Face­book, Al­pha­bet and Ap­ple also made large gains, rising in value by a com­bined US$83b.

In com­par­i­son, the en­tire value of all the stocks listed on the main board of the NZX to­tals just un­der NZ$130b.

The most com­mon ‘‘C class’’ shares in Google-owner Al­pha­bet topped US$1000 for the first time in nor­mal trad­ing hours, rising US$46 – or 4.8 per cent – to US$1019, valu­ing the com­pany at US$709b.

Ama­zon’s steep rise comes as it pre­pares to open its first ware­house in Aus­tralia, in Mel­bourne. The fa­cil­ity will be medium-sized by its global stan­dards, cov­er­ing 24,000 square me­tres.

Re­tail NZ spokesman Greg Har­ford said this month that he was hope­ful the new govern­ment would move quickly to force Ama­zon and other for­eign e-com­merce com­pa­nies to levy GST on all prod­ucts they shipped to New Zealan­ders.

PHOTO: REUTERS

Shares in Ama­zon rose 13 per cent in one day ahead of its ex­pan­sion into Aus­tralia.

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