NZ sharemarket rises for the first time this month
The S&P/NZX 500 Index gained momentum at lunchtime and closed at 11,971.92, up 55.14 points or 0.46% after reaching an intraday low of 11,868.47. Its previous rise was 0.79% on March 28.
There were 68 gainers and 61 decliners over the whole market on light trading of 21.58 million shares worth $72.35 million.
Greg Smith, head of retail with Devon Funds Management, said the Reserve Bank was the deliverer of good tidings.
He said the official cash rate remained on hold at 5.5% as expected but the big takeaway for the market was that price inflation can return to the Reserve Bank target range this calendar year.
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