Late rally leaves market on positive note

The S&P/NZX 50 recovered from its intraday low of 11,635.75 with a late rally sending the benchmark index up 28.98 points to 11,759.11, for a gain of 0.25 per cent following Wednesday’s 40-point decline.

There were 58 gainers and 71 decliners over the whole market with a light turnover of 13.2 million shares worth $54.83 million changing hands.

“We did see a nice improvement, mostly led by Infratil and the electricity stocks,” said Grant Williamson, a director at Hamilton Hindin Greene.

“It’s a real mixed bag though and to be honest, I believe at this time of the year you can’t read too much into movements on the local market because we’ve just got so many of the large players out of the market.”