NZ sharemarket gains over 0.5% as inflation falls
The S&P/NZX 50 Index powered ahead in the afternoon and closed at 11,875.35, up 70.51 points or 0.6% after reaching an intraday low of 11,762.28. The index fell nearly 1% the day before.
There were 55 gainers and 87 decliners over the whole market on volumes of 22.72 million share transactions worth $102.24m.
The March quarter consumers price index increased by 0.6%, and annual inflation hit 4%, down from 4.7% at the end of last year.
Tradables (imported) inflation was 1.6%, down from 3%, and non-tradables (domestic) inflation was 5.8%, down from 5.9%, and driven by rents (at their highest level in 25 years), construction of new houses, and cigarettes and tobacco.
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