Fletcher dodges product recall in upbeat end to August for NZX 50
The S&P/NZX 50 Index rose 97.07 points, or 0.8%, to 12,447.68. Across the main board, 85 stocks gained, 46 fell and 48 were unchanged. Turnover was $318.2 million, with heavier trading due to the quarterly rebalancing of MSCI equities indices.
The benchmark index advanced 0.3% in August, getting a boost when the Reserve Bank cut its key interest rate earlier than some analysts had predicted and paved the way for further support to the ailing economy.
That helped ease some concerns about the domestic earnings season, which captured tough trading conditions for many firms. Economic indicators out this week such as consumer and business confidence surveys showed improving sentiment.
“There’s definitely an element of green shoots starting to come through,” said Shane Solly, portfolio manager at Harbour Asset Management. “We may be near the bottom, or we may have seen the bottom.”
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