The average daily value of trade was $124 million, which was 10% up on that in May last year, NZX said.
On average there were 2433 trades a day, up 1% over the same year-on-year period. There were 53,529 shares traded in May, up 6% on the previous May's 50,576.
While the numbers were up on the corresponding period last year, the NZX has confirmed they are lower than last month.
NZX says May is often a one of the quieter trading months each year and that there maybe some concerns over the slowing economy.
The market is likely to get a boost with the upcoming partial privatisation of energy company Vector.
Eight new securities were listed on the derivatives market, NZDX, during May. These listings raised a total of $577m.
Among the eight were: CBA Capital Australia Ltd, Fairfax New Zealand Finance Ltd, Macquarie Fortress Investments Ltd, Wrightson Finance Ltd.
The number of NZX sponsors rose to 41, with Auckland firm M C Capital Ltd gaining approval.
In April, NZX rolled out the Smartshares savings plan to all investors.
Investors in each of Smartshare's exchange traded funds (ETF) can now make regular monthly contributions to their Smartshares holdings.
Smartshares now has $183m under management.
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