NZ sharemarket firms ahead of mini-budget and economic update

The S&P/NZX 50 Index had a solid afternoon after an early-morning fall and closed at 11,617.37, up 52.39 points or 0.45%.

The index reached an intraday low of 11,492.62 points and has gained nearly 1.3% for the year with a week of trading remaining. There were 70 gainers and 59 decliners over the whole market on volumes of 34.49 million share transactions worth $101.27 million.

Mark Lister, investment director with Craigs Investment Partners, said “the market is ending in good spirits and holding onto its marginal positive gains, but all it will take is one or two down days to fall back into the red”.

The big test will come in the Treasury’s half-year economic and fiscal update. Lister said it’s the first chance for the Treasury to incorporate the new government’s policies into its latest forecasts.