Investors need faith as broker goes under
Thanks to the internet, investing in the sharemarket is now just a hop, click and a jump away for most computer literate investors.
Monday, September 13th 2004, 3:28AM
by The Landlord
Rising interest rates and the stellar performance of the sharemarket has seen "clicks and mortar" investments such as online share trading become an increasingly attractive option over more traditional "bricks and mortar" investment choices like property.Investors have enjoyed a dream run on the sharemarket lately, with the benchmark top 50 index posting another record-breaking month in August, hitting an all-time high of 2803.14 points.
Figures released by New Zealand Exchange (NZX) on Wednesday showed trades on the stock exchange were worth $2196 million last month - up from $1674m in the same period last year.
But not everyone is basking in the good times. This week discount broker Access Brokerage was placed in liquidation. Around 700 investors were left in limbo as their funds were frozen and thousands of Access' other clients were left without a broker.
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