The New Zealand stock exchange handled $2.2 billion worth of trades in May - up 23% on the previous month.
NZX attributes the rise to more valuable trades on its main board.
It says the daily average value exceeded $100 million 13 times during the month - up from four the previous month, suggesting an improvement in liquidity.
NZX says average daily trades rose 9% from the previous month to almost 2500.
Almost $500 million worth of capital was raised during the month.
