NZ sharemarket has third consecutive rise this week
The S&P/NZX 50 Index traded strongly for most of the day but had a late dip and closed at 11,803.93, up 8.03 points or 0.07%. The index reached an intraday high of 11,850.37 and a low of 11,785.62.
There were 77 gainers and 57 decliners on the main board, with 23.83 million shares worth $105.52m changing hands.
Greg Smith, head of retail with Devon Funds Management, said investors felt more confident after the Reserve Bank of NZ (RBNZ) was less hawkish than feared and kept the official cash rate unchanged last week.
“They are now looking to the bank to officially ring the bell that interest rates have peaked – like in the United States – and give an indication when rates will start coming down.”
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