Sharesies platform reports record turnover

Falling interest rates, less volatility, and an appetite for crypto currencies has driven a record turnover on the Sharesies platform.

The do-it-yourself investment platform's sentiment index has moved into the "confident" range for the first time this year with a reading of 56.

Co-chief executive Leighton Roberts said sentiment among its 870,000 subscribers in New Zealand and Australia had clearly improved.

"This shift in sentiment suggests customers are sticking to their investing strategy despite economic challenges here at home and globally."

Trading for the quarter was a record $3.35 bn, with buying at two-and-a-half times the rate of selling as investors expanded their holdings.

"As interest rates drop, investors are looking for the potential for better returns in shares and managed funds," Roberts said.

Companies and crypto in favour

The changing investing climate saw investors increasing their appetite for investment funds based on crypto currencies, with demand rising seven-fold and the number of investors tripling over the past year as Bitcoin and other digital currencies surged in price.

"This psychological milestone, along with growing regulatory optimism and approval of multiple Bitcoin and Ethereum ETFs (exchange traded funds), has fuelled the most significant wave of crypto investing on Sharesies to date."

Sharesies said younger investors were leading the charge into crypto.

And a greater willingness to invest in riskier assets was seen behind a notable increase in people putting money into individual companies, rising 73 percent from 64 percent, rather than ETFs and managed investment funds.

The top five companies were Air New Zealand, US tech heavyweights Nvidia, Tesla and Apple, and New Zealand linked Rocket Lab.

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