NZ sharemarket listless on light trade

The S&P/NZX 50 Index was up and down for most of the day but settled later in the afternoon to close at 11,564.98, up 14.78 points or 0.13%.

The index reached an intraday low of 11,508.13 points. There were 57 gainers and 84 decliners on the main board with 28.76 million shares worth $89.33 million changing hands.

Jeremy Sullivan, investment adviser with Hamilton Hindin Greene, said: “The market got through a lot of activity last week with the repricing of interest rates and assets, and rate cuts being priced in.

“It was a quieter day today and trading was lighter – volumes do ebb at this time of the year,” he said.