Mixed day on sharemarket; Trustpower leads decliners; Summerset biggest improver

The S&P/NZX 50 Index increased 14.11 points, or 0.1 percent, to 10,701.43. Within the index, 18 stocks gained, 20 fell, and 12 was unchanged. Turnover was light at $77.3 million.

Stocks across Asia were generally firmer. Investors are still expecting a rate cut in the US at the end of the month but are less bullish after stronger-than-expected CPI data there overnight. Hong Kong’s Hang Seng rose 0.5 percent and Singapore’s Straits Times Index rose 0.3 percent. Australia’s S&P/ASX 200 Index fell 0.3 percent.

Bryon Burke, head of equity dealing at Craigs Investment Partners, said the market lacked fresh news after gaining around 0.5 percent during the course of the week.

The benchmark index is up 21 percent so far this year, which is still outperforming the world market, he noted.