NZ shares were mixed yesterday as investors cast forward to next month's earnings season, and as regional markets mulled this week's Federal Reserve meeting.

New Zealand shares fell yesterday as the market joined a region-wide decline, and was paced by retailers after the Warehouse Group joined Hallenstein Glassons in issuing a profit warning.

NZ shares rose to a two-month high, paced by Chorus, Kathmandu and Sky Network Television as the prospects of strong economic growth drew retail investors to the equity market.

NZ shares rose yesterday, joining a global rally, as demand for so-called growth stocks drove Xero and Wynyard Group to record levels.

With chief executive Rod Drury "bouncing around over the world", accounting software firm Xero is hunting for a New Zealand managing director to handle local operations.

A Facebook billionaire, an investment company tied to a charitable trust working with Australian Aboriginal communities, and TradeMe founder Sam Morgan are among the largest holders of Xero shares which have soared more than 500 per cent in the past year.

It was worth $3 billion just three weeks ago, now online accounting software provider Xero has passed the $4 billion mark.

Xero's value has breezed past that of Mighty River Power this week and shares in the software company made gains for the fifth day in a row.

It's been a big week for Rod Drury. Since Monday, shares in his online accounting software firm Xero have soared in value by about 30 per cent, hitting $25.20 yesterday.

Rod Drury is the NZ Herald's Business Leader of the Year

New Zealand has developed a code of practice to help regulate the rapidly-growing Cloud Computing industry, making it one of the first countries to do so.