• The New Zealand market saw aggregate offshore equity ownership fall by 1.7%, from 39.4% to 37.7% of the total float of the S&P/NZX All Index, consistent with the level back in 2017.
  • The most significant driver of the decrease in offshore ownership was a reduction in Australian participation. Excluding Australia, offshore ownership increased modestly.
  • The proportion of NZ equity ownership increased due to a greater level of representation of utilities and port assets in the overall market (given price performance and Napier Port listing), and a number of these assets having majority or significant ownership stakes by the NZ Government or by local government investment funds.
  • Despite a lack of IPOs and increased M&A activity which has led to delistings, the NZ market reached another record high.

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