Dual-listed NZX and ASX companies: what they are and where to buy

A number of companies are listed on both the NZX and the ASX. That lets Australian investors buy New Zealand companies in Australian dollars, and New Zealanders buy some Australian companies at home. If you're investing on both sides of the Tasman, it helps to know how these listings work and which one to use.

How dual listing works

Most New Zealand companies with an ASX listing use what the ASX calls a foreign exempt listing. The company's main listing stays on the NZX and it follows NZX rules, while the ASX listing gives Australian investors access. A few companies have full listings on both.

It's the same company and the same shares. Shares bought on one exchange can usually be moved to the other register through the share registry, although it takes paperwork and time.

Examples of dual-listed companies

New Zealand companies also listed on the ASX include:

Australian companies also listed on the NZX include ANZ and Westpac, which both own large New Zealand banks.

Listings change over time as companies add or drop secondary listings, so check the exchange or the company's investor centre before you trade.

Which market should you buy on?

Currency

Buying on the NZX means paying in New Zealand dollars; on the ASX, Australian dollars. If you're a New Zealander buying a New Zealand company, the NZX avoids currency conversion costs entirely. An Australian buying the same company on the ASX avoids converting to NZD.

The underlying value doesn't change with the market you choose. Prices on the two exchanges track each other closely once you adjust for the exchange rate, because professional traders step in when they drift apart.

Liquidity

Trading volume is usually highest on the company's home market. For most New Zealand companies, that's the NZX. More volume means narrower spreads and less price impact for larger orders. A few companies, such as Fisher & Paykel Healthcare, attract significant volume in Australia too.

Fees and access

Your platform's brokerage and foreign exchange fees may differ between markets. Some New Zealand platforms charge more for ASX trades, and some Australian brokers don't offer NZX access at all.

Trading hours

The NZX opens two hours earlier in New Zealand time; the ASX stays open until about 6pm New Zealand time. If you need to trade after 5pm in New Zealand, the ASX line may be your only option. See NZX and ASX trading hours.

Tax: where you buy doesn't decide it

For tax, what matters is where the company is resident, not where you bought the shares.

• A New Zealand-resident company pays imputed dividends whichever line you buy. It isn't a foreign investment fund for New Zealand investors.
• An Australian-resident company pays franked dividends. For New Zealand investors, most Australian-resident companies on the official ASX list are exempt from the FIF rules. See the FIF guide.

Dividends may be paid in either currency depending on the registry and your elections. Some New Zealand companies pay a supplementary dividend to non-resident shareholders to offset New Zealand withholding tax. See imputation and franking credits explained.

Using dual listings to read the market

When the NZX has closed but the ASX is still trading (roughly 4:45pm to 6pm New Zealand time), the ASX line of a New Zealand company can give an early read on how it might open the next morning, especially after late-afternoon announcements. Tasman Desk tracks both lines and the AUD/NZD rate so you can compare them side by side.

Frequently asked questions

Can I buy Fisher & Paykel Healthcare on the ASX?

Yes. Fisher & Paykel Healthcare is listed on both the NZX and ASX under the code FPH. It's the same company and shares; the ASX line trades in Australian dollars.

Is it cheaper to buy a dual-listed company on the NZX or ASX?

The value is the same once you allow for the exchange rate. Your costs depend on brokerage, currency conversion fees and the spread, which is usually narrowest on the company's home market.

Do dual-listed shares have different dividends?

No. Every share gets the same dividend. It may be paid in a different currency depending on the registry, and tax treatment depends on where you and the company are resident.

What is an ASX foreign exempt listing?

It's a secondary ASX listing for companies whose main listing is on another recognised exchange, such as the NZX. The company mainly follows its home exchange's rules.