NZ sharemarket slips back into negative territory

The S&P/NZX 50 Index was saved from further damage with a sharp rise in the last half-hour of the matching session and closed at 11,755.17, up 8.58 points or 0.07% after reaching an intraday low of 11,704.77.

The index lost 1.54% for the week and is down 0.14% for the year to date.

There were 65 gainers and 68 decliners on the main board, with 28.37 million shares worth $88.05m changing hands.

Greg Smith, head of retail with Devon Funds Management, said the local market is in a holding pattern waiting for the start of the company reporting season, which is expected to be mixed.