Shares in Xero closed at another record high today after an announcement that the technology company will be included in a global index for the first time.
Xero shares closed $44.49 today after the FTSE - a company which calculates global indices - included Xero in its FTSE Global Equity index Asia excluding Japan for the first time.
The indices are used by fund managers around the world to benchmark their performances. Funds that track that index will have to include Xero in their portfolios by close of business on March 21.
Mark Warminger, a fund manager at Milford Asset Management said that meant around 1.8 million of Xero's 127 million shares on issue would need to be bought globally.
On a typical day around 100,000 shares in Xero were traded.
Shares in the accountancy software firm last traded at $44.49 up 4.4 per cent. That valued the company at close to $5.7 billion. The company has yet to make a profit. Its previous closing high was $43.19 on January 22.