UPDATED: The FMA confirms it is working with the company to establish if a breach of securities law has occurred over share options being issued to employees without a prospectus.

On the surface the market darlings have much in common, but the listed companies' financials give an increasingly disparate picture.

Shares rise, led by Trade Me after parent Fairfax Media sells down its stake to pay for a three-year restructuring of its papers. Xero and Diligent fall on their NZX debut.

Shares in Xero and Diligent Board Member Services rallied today after the locally listed tech-companies were flagged as the latest entrants to the benchmark NZX 50 index.