NZ sharemarket turns positive after days of decline
The S&P/NZX 50 Index fell to a late morning low of 11,512.64 and recovered strongly in the afternoon to close at 11,590.47, up 19.25 points or 0.17%.
There were 87 decliners and 57 gainers over the whole market on volumes of 26.94 million share transactions worth $102.55m.
Jeremy Sullivan, investment adviser with Hamilton Hindin Greene, said: “So far, we’ve seen a volatile earnings season and Ebos returned some normalcy. But the market is very mixed, and we’ve seen some reduction in investor sentiment with hotter-than-expected inflation measures (particularly in the United States).”
Ebos Group increased 60c to $36.40 after reporting a 7.1% increase in revenue of $6.58 billion and 3% gain in net profit to $136.17m for the six months ending December. It is paying an increased interim dividend of 57c a share on March 22.
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