Good evening,

The Canadian Securities Exchange’s proposed acquisition of ASX-listed National Stock Exchange of Australia could transform the Sydney-based listings market into a significant platform for early-stage and small-cap companies, says Macquarie’s research boffins.

In a note to clients, analyst Andrew Buncombe said with Canadian backing, NSX, together with Cboe, could credibly go after 544 companies, or just shy of 30 per cent of the ASX-listed market. He estimates this market is worth $50 million in revenue – $20 million in annual listings revenue, $10 million in initial public offering fees and $20 million in secondary fees.

Buncombe expects the NSX to focus on the smaller end of the market, especially the life sciences and early-stage technology sectors.

Read the full story tomorrow and more on the Street Talk page.

• Data centre giant CDC calls in Barrenjoey for mega debt package
• ART prepares to lift stake in $4.5 billion ElectraNet, buying from Macquarie
• Santos’ Abu Dhabi suitor brings out Labor big guns in lobbying effort
• Escala Partners’ PE owners succeed in ending staff’s 51 per cent interest
• Chairman lobs $286 million indicative bid for Humm Group

• PointsBet refuses takeover vote recount as fight with Betr gets ugly
• Xero makes $4 billion play to break into lucrative US market
• Pinnacle founder sells $77 million stake to invest in Metrics

The Australian Retirement Trust is preparing to increase its stake in South Australia’s electricity transmission network ElectraNet, a monopoly infrastructure asset that was privatised by the state government 25 years ago and now owns more than $4.5 billion in assets.

The Australian sharemarket swung between gains and losses on Wednesday as a sell-off in mining and energy stocks was offset by a fresh record for index heavyweight Commonwealth Bank.

Click here for the latest equity market wrap.