Wednesday, January 02, 2008

History of the Newcastle Stock Exchange

Founded in 1937 as a rival to the Sydney Stock Exchange, the Newcastle Stock Exchange (NSX) became the home exchange up to 300 companies.

Many of these were local and regional businesses that went on to become significant Australian companies, including Brambles Industries Limited, Coal and Allied Industries Ltd, NBN Ltd, New Redhead Estate and Coal Company Ltd, Newcastle Gas Company Ltd and Steggles Holdings Ltd.

Changing economic structures caused the NSX to go into decline. Bigger companies migrated to the Sydney Stock Exchange, with few coming behind.

I am not sure when the old NSX ceased to operate, although I suspect that it may have been in the 1980s. This period saw the disappearance of many locally owned businesses through acquisition.

The Stock Exchange was reactivated as a new entity in 2000 to fill a perceived gap for small and medium size companies that simply could not afford the costs and onerous requirements of listing on the Australian Stock Exchange.

On 21st December 2006 NSX changed its name to National Stock Exchange of Australia Limited to provide a national platform for a variety of regional markets.

The NSX aims to be the premier market for small to medium, prominent regional businesses and sub exchanges like the NSX Bendigo Stock Exchange and NSX Wollongong Exchange.

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