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Stonegate Updates Coverage on NZX: Growth in Smart and Wealth Tech, Margins to Improve

Stonegate Capital Partners updates coverage on NZX Limited, highlighting growth in Smart and Wealth Technologies, transitional margin pressure, and FY26 guidance on track.

This news matters for investors in NZX Limited and for those tracking the New Zealand capital markets. It signals that despite current margin pressure and subdued market activity, the company's strategic investments in technology and wealth management are paying off, with clear growth in key metrics like FUM and ARR. The update provides a nuanced view that the margin decline is transitional, not structural, and that management's guidance remains on track. For shareholders, this suggests that the current earnings outlook is supported, with potential upside from a recovery in market activities. For the broader market, it indicates that NZX is positioning itself for long-term growth through diversification into technology-enabled services, which could enhance its resilience and competitiveness.