NZ sharemarket marches higher, up 6.4% this year

The S&P/NZX 50 Index had another strong afternoon trading session and closed at 12,530.99, up 105.4 points or 0.85%, after reaching a morning low of 12,383.31.

The index has now risen more than 16% since its low of 10,741.57 points on Oct 30 last year and has gained 6.4% so far this year.

There were 87 gainers and 53 decliners over the whole market on volumes of 69.22 million share transactions worth $195.2m.

Shane Solly, portfolio manager with Harbour Asset Management, said there was a better tone to the market, and investors were starting to get excited about interest rate cuts, whether it comes first from the US Federal Reserve or Reserve Bank of NZ (RBNZ).