Xero was to be included in a global financial index for the first time after shares recently closed at a new high of NZ$44.49, up 4.4 percent from NZ$43.19 on January 12.

Xero was added by the FTSE Global Equity index Asia, a company which calculated global indices for fund managers around the world to measure performance. Funds that tracked FTSE would include Xero in their portfolios from March 21.

The accounting software company was valued close to NZ$5.7 billion with approximately 100,000 shares traded daily.