Australian accounting software firm Solution 6 has launched New Zealand’s first index of the stockmarket performance of listed IT companies – naturally provided online.
The index is known as 4i - Iguana Internet and Information Technology Index. The index is named after Iguana Information Services, the Wellington-based online sharemarket specialist company taken over by Solution 6 in November last year.
The 4i index is calculated from the 22 IT companies – 24 separate stocks - listed on the New Zealand Stock Exchange’s main board, unlisted market and new capital market.
In calculating the index larger companies’ performance is given greater weight, but no stock in the index is allowed more than 15% weighting, to avoid over-balance in the direction of the larger operators.
Companies range in size from Telecom to nzij.co.nz.
The index started at a base of 1000 on January 1, 2000 though it was not officially launched until August 7.
It peaked at 1142.33 on March 13, 2000, and hit its low of 805.96 on May 25, 2000.
The index is calculated every five minutes between 9am and 4pm on every NZSE market trading day.