NZ sharemarket bounces back 0.5% on Middle East hopes
The S&P/NZX 50 Index turned around at lunchtime after reaching a morning low of 11,731.04 and closed at 11,852.8, up 56.58 points or 0.48%.
There were 73 gainers and 65 decliners over the whole market on light trading of 21.31 million share transactions worth $67.84m.
Jeremy Sullivan, investment adviser with Hamilton Hindin Greene, said the local market opened weaker following “some frosty valuations in the US technology sector” and then recovered after Iran made a clarification of the Israel counterattack.
“There’s been a slight de-escalation of the Middle East situation,” he said. “Iran commented that its nuclear facilities remained unscathed and the Israeli retaliation was not large-scale.”
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