NZX chief executive Mark Weldon says the stock market proved itself in the wake of the global financial crisis, providing money to firms as banks tightened their lending.
A number of firms raised money this year to strengthen their balance sheet, including PGG Wrightson, Nuplex, Fisher & Paykel Appliances, Fletcher Building and Sky City Entertainment Group.
Most used the money to reduce bank debt, as the cost of borrowing rose and banks took a tougher approach to financing.
The stock market's value has fallen to $53 billion and remains under-represented in key sectors like agriculture, but Mr Weldon says it did its essential job of providing a platform for firms to raise capital.
