An analysis of the New Zealand sharemarket has found it to be one of the top-performers since the global financial crisis.
The NZX 50 index rose another 5 points on Thursday, or 0.1%, to 4017 points on turnover of $108 million.
Sharebroker Forsyth Barr says the NZX-50 index of shares has outperformed the world's major sharemarkets since they reached their nadir in March 2009.
Since then the local market has made an annual average return of nearly 14% when share price gains and dividends are combined.
That is second only to Australian shares, and beats returns from American, Japanese, and British shares, as well as the average for global markets.
The broker's head of research Rob Mercer says Australasian shares have benefited from the relative good health of their economies compared to those in the Northern Hemisphere.
He says New Zealand's best-performing stocks tend to operate in markets with limited competition and as a result pay steady returns.
But Mr Mercer also warns that though the local market has had a good run, it is looking increasingly fully valued.