Late surge lifts sharemarket into positive territory

The S&P/NZX 50 Index was trading flat till the last 45 minutes when it shot up nearly half a percent to 11,936.15, finally gaining 55.58 points or 0.47% after reaching an intraday low of 11,826.51.

There were 77 gainers and 55 decliners over the whole market on volumes of 33.32 million shares worth $91.63m.

The market is this week looking out for Thursday’s release of the March quarter consumer price index.

ANZ Research expects annual inflation to be steady at 7.2% – just below the Reserve Bank of NZ’s (RBNZ) forecast of 7.3%. ANZ is predicting non-tradable (domestic) inflation to increase from 6.6% to 6.8%, and tradable (imported goods) inflation to fall from 8.2% to 7.4%.