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NZX Reports Strong H1 Growth Despite Macro Challenges, Reaffirms Guidance

NZX Limited reports H1 2025 results with $61.7M revenue, strong growth across markets, Smart, and Wealth Technology segments. Stonegate Capital Partners updates coverage and valuation.

This news matters because NZX Limited serves as a critical barometer for New Zealand's financial markets and investment landscape. As the country's primary securities exchange, its performance directly impacts investors, listed companies, and the broader economy. The strong capital raising activity ($11.9B, up 87.8% y/y) indicates robust corporate fundraising and investor confidence despite macroeconomic uncertainty. The growth in Wealth Technology and Smart segments demonstrates NZX's successful diversification beyond traditional exchange services, offering more sophisticated investment products and platforms to retail and institutional investors. For market participants, NZX's stability and growth signal healthy capital markets, while the maintained dividend and solid balance sheet provide confidence in the company's financial resilience. The reaffirmed guidance suggests management's optimism about economic recovery, making this relevant for anyone with exposure to New Zealand investments or interest in Pacific Rim financial markets.