About the NZSX Market

The NZSX Market, formerly known as the Main Board, is NZX's premier equities market. Among the more than 200 listed issuers are many of New Zealand's long-established heritage companies, and a number of overseas companies.

NZSX is an established market, designed for mature corporations.  It is home to many of New Zealand's premium brands and gives rise to NZX's headline index, the NZSX 50, which comprises the 50 largest companies listed on the NZSX Market by market capitalisation.

Companies listing equity securities on the NZSX Market can have one of three types of listings.

Primary Listing			This category is for New Zealand companies which are listed on the NZSX Market only.  NZX is the company's home exchange and the company abides by the NZX Listing Rules.
Dual Listing			For companies which have full listings on the NZSX Market as well as an overseas exchange.  Dual listed companies are required to abide by NZX Listing Rules as well as the listing rules of the overseas exchange it is listed on.
Overseas Listing			This category is for overseas-based companies which have full listings on an overseas exchange and their home exchange is the overseas exchange. The companies are also listed, but not as dual listings, on the NZSX Market.  The company abides by a limited number of NZX Listing Rules as well as those of its home exchange.

The NZSX Market includes a small number of large issuers which dominate securities trading.  For example, the top 10 companies (by market capitalisation) represent approximately:

• 15% of annual listing fees
• 80% of the value of trades
• 50% of the volume of shares traded
• 45% of the total number of transactions.

Equally important for investors are the large number of medium-sized companies listed on the NZSX Market, which are tracked in the NZSX MidCap and NZSX SmallCap indices. Many of these companies generate very strong shareholder performance and returns and should not be overlooked by investors.

What is equity?

Equity is a term used in describing shares, or any other securities, which represent ownership. Equity securities such as ordinary shares are units of ownership in a company, in contrast to debt securities which represent an amount of money borrowed by a company.

• Find out more about ordinary shares, and other equity securities quoted on the NZSX Market, on the Securities listed on NZSX page.