NZX Equity Indices
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NZX calculates a number of indices which are designed to be used:
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This page provides a brief introduction to some of NZX's most important equity indices. Further details, including calculation methods explanations of how securities are selected for the indices are provided in the Index Methodology section.
Headline Indices
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The NZX 50 comprises the securities of the top 50 companies listed on the NZSX Market by free float market capitalisation. The free float is determined by excluding blocks of shares greater than 20% and blocks between 5% and 20%, which are considered strategic. NZX developed the NZX 50 Index to increase investibility, improve measurability and better reflect the true performance of the tradeable market. The index was introduced on 3 March 2003 at a base value of 1880.85. |
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The NZX 15 comprises the 15 largest and most liquid domestic securities listed on NZSX Market. Constituent companies are weighted by free float market capitalisation and are reviewed every six months. The weighting of any security in the index is capped at 30%. The NZX 15 Index was developed as the underlying index for the FoX15 Index Futures contract. The index was introduced on 9 February 2004. It has a base value of 3,000 on 1 October 2001.
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The NZX 50 Portfolio Index comprises the same constituents as the NZX 50 but limits the weight of any one security to 5% of the index market capitalisation. The NZX 50 Portfolio Index was developed to provide a measure of what most investors, particularly retail investors, would hold in a portfolio. The index was introduced on 3 March 2003 at a base value of 1000. |
Special Indices
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The NZX SciTech Index launched in 2006 to highlight the performance of companies listed with NZX that have significant business interests in development and commercialisation of new technologies. The index acts to promote and raise the profile of listed tech companies. Eligible companies may have interests in the research, development or commercialisation, of science or new technologies within the fields of biotechnology, information technology and industrial technology.
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Other Indices
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The purpose of the NZX 10 Index is to provide a measure of the price trends of New Zealand's top 10 listed companies. The NZX 10 is a 'country' index. Overseas stocks traded on the NZSX are not eligible for inclusion. NZX developed the NZX 10 to reflect the movement of equity security prices of major domestic companies listed on the NZSX. The NZX 10 is based on a value of 1000 as at 1 July 1988. |
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The purpose of the NZX MidCap Index is to provide a measure of the price trends of New Zealand's medium sized companies. The NZX MidCap Index comprises all of the domestic constituents of the NZX 50 index, excluding those companies included in the NZX 10 index. |
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The NZX SmallCap Index comprises all domestic equity securities listed on the NZSX Market, excluding those included in the NZX 50 Index. |
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The NZX All Index comprises all domestic equity securities listed on the NZSX Market. Constituents are weighted by free float market capitalisation. |
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The NZAX All Index comprises all eligible equity securities listed on the NZAX Market (New Zealand Alternative Market). The NZAX Market was developed to meet the needs of the many smaller but fast-growing and developing companies in New Zealand, and companies with non-traditional ownership structures. For more information on this market, visit the NZAX Information Centre The NZAX All Index started at a base value of 1000 on 17 November 2003. Constituents are weighted by free float market capitalisation. |
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